76 million acres to be offered is US lease sale

Some 75.9 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida are to be offered for oil and gas exploration and development, US Secretary of the Interior Ryan Zinke announced.

The region-wide lease sale, scheduled for 16 August, would include all available unleased areas in federal waters of the Gulf of Mexico and provide a reduced royalty rate for shallow water leases to encourage exploration and production under current market conditions.

Lease Sale 249, scheduled to be live streamed from New Orleans, will be the first offshore sale under the National Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022…


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