US government sells 400,000 acres offshore Texas [View all]
Source: Associated Press
US government sells 400,000 acres offshore Texas
Emily Schmall Associated Press 2:55 p.m. CDT August 20, 2014
The federal government has sold more than 400,000 acres in the Gulf of Mexico off the Texas coast for oil and gas exploration and development, an official with the U.S. Bureau of Ocean Energy Management said Wednesday.
The acreage represents a fraction of the 21.6 million acres the agency had offered as part of the Obama administration’s five-year program to aggressively develop resources on the Outer Continental Shelf. Previous offerings in the Western Gulf attracted buyers for about 60 million offshore acres, adding about $2.3 billion to the U.S. Treasury.
Wednesday’s sales, if approved, will bring in about $110 million, the agency’s Western Gulf of Mexico Deputy Director Michael Celata said.
BP PLC, which was allowed to participate in this year’s sale for the first time since the Deepwater Horizon explosion and oil spill in 2010, submitted the most high bids and won 27 of the 81 tracts that sold.
Read more: http://www.theadvertiser.com/story/news/local/louisiana/2014/08/20/us-government-sells-acres-offshore-texas/14350511/
= new reply since forum marked as read