Markey releases report listing undrilled offshore leases

More than 100 oil and gas producers hold—but are not drilling—nearly 3,700 leases in the Gulf of Mexico covering an area about the size of North Carolina, a new report by the US House Natural Resources Committee’s minority staff concluded.

The report noted that the five largest oil companies—BP PLC, ExxonMobil Corp., Chevron Corp., ConocoPhillips, and Royal Dutch Shell PLC—hold 8 million acres, or almost 40% of the total.

“The oil companies are sitting on huge reserves of oil they’re not even using, and they come back asking for more areas to be opened up for them to drill,” said Rep. Edward J. Markey (D-Mass.), the committee’s ranking minority member who requested the Oct. 22 report.

“President Obama is right: When it comes to the oil drilling leases these companies hold on America’s public land, they need to use it or lose it to a company that will drill,” he maintained.

A spokesman for the American Petroleum Institute said on Oct. 23 that the report is “an attempted distraction by those who are looking to save face for failing to present sound energy policy to the American people who want more development of our own energy resources (over 70%) and those who recognize that it creates more American jobs (over 90%).”

Contact Nick Snow at nicks@pennwell.com.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected