Tag: Offshore

On April 15, Biden’s Interior Department’s Bureau of Ocean Energy Management (BOEM) finalized a new rule requiring federal offshore oil and natural gas leaseholders to provide an estimated $6.9 billion in additional financial assurances to cover offshore decommissioning costs. The goal of the financial assurances is to limit the number of abandoned wells in the Gulf of Mexico’s Outer […]

WASHINGTON DC (12/20/2023) – President Biden’s Department of Interior finalized the 2024-2029 National Outer Continental Shelf Oil and Gas Leasing Program on Friday with the fewest oil and gas lease sales in history. There will be a maximum of three lease sales in the Gulf of Mexico scheduled over the five years, and no sales […]

The first-ever offshore wind lease sale in the Gulf of Mexico attracted only one bid, yet the Biden administration called it a victory. The auction of offshore wind development rights in the Gulf of Mexico ended with a single $5.6 million winning bid, reflecting meager demand despite the productivity of oil and gas production in the region. […]