BOEM schedules western gulf Lease Sale 238

The US Bureau of Ocean Energy Management (BOEM) has scheduled western Gulf of Mexico Lease Sale 238 for Aug. 20 in New Orleans, where it will offer 21.6 million acres offshore Texas for oil and gas exploration and development.

The sale, proposed in April, includes 4,026 blocks that lie 9-250 miles offshore in 16-10,975 ft of water (OGJ Online, Apr. 15, 2014). BOEM estimates the sale could result in the production of 116-200 million bbl of oil and 538-938 bcf of natural gas.

Blocks will be offered from within or partially within the 3-statute-mile US-Mexico Boundary Area, and within the former Western Gap that lies within 1.4 nautical miles north of the Continental Shelf Boundary between the US and Mexico, subject to the terms of the US-Mexico Transboundary Hydrocarbon Agreement.

Lease Sale 238 is the sixth offshore sale under the Outer Continental Shelf Oil and Gas Leasing Program for 2012-17. The first five offered more than 60 million acres and netted $2.3 billion.

The last western gulf lease sale, held in August 2013, received 61 bids from 12 companies totaling $102,351,712 in apparent high bids (OGJ Online, Aug. 28, 2013).

March’s central gulf lease sale received 380 bids from 50 companies resulting in a total of $850 million in apparent high bids (OGJ Online, Mar. 19, 2014).

BOEM as of July has administered more than 6,100 active oil and gas leases covering 34 million acres in the US OCS. In 2013, oil and gas leases on the OCS accounted for 18% of domestic oil production and 5% of domestic natural gas production.

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