BOEM to Offer 78.8 MM Acres in Oil, Gas Lease Sale

The Bureau of Ocean Energy Management (BOEM) set to offer 78.8 million Acres in Lease Sale 256 scheduled for November, offering 14,755 unleased blocks that pertain to the Gulf of Mexico, according to a press release

Mike Celata, Director of BOEM’s Gulf of Mexico Region, said, “The Gulf of Mexico provides a fundamental role for our nation’s energy portfolio. As one of the most productive basins in the world, the development of its resources is essential to our nation’s energy security.”

The Gulf of Mexico Outer Continental Shelf (OCS), covering about 160 million acres, is estimated to contain about 48 billion barrels of undiscovered technically recoverable oil and 141 trillion cubic feet of undiscovered technically recoverable gas. 

There will be strict environmental procedures and stipulations attached to the Lease Sale to prevent adverse effects on protected species and avoidance of regional conflicts. Furthermore, BOEM has also included fiscal terms that take into account market conditions and ensure taxpayers receive a fair return for use of the OCS. 

Lease Sale 256 was originally scheduled for August but was delayed due to the need to conduct additional analysis following the COVID-19 pandemic.