BOEM sets US western Gulf lease sale

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US offshore sale: August event to offer acreage in western part of Gulf

US regulators have firmed up the details for an upcoming lease sale of offshore acreage in the western Gulf of Mexico.

Lease Sale 238 will be held on 20 August in New Orleans, according to the US Bureau of Ocean Energy Management (BOEM).

The event will offering 4,026 blocks covering 21 million acres.

The tracts are in areas from nine to 250 miles offshore in water depths from 16 feet to over 10,975 feet.

The BOEM sees potential production from the area of 116 million to 200 million barrels of oil and 538 billion to 938 billion cubic feet of natural gas.

“This lease sale underscores our commitment to make millions of acres of Federal waters available for safe and responsible exploration and development," BOEM acting director Walter Cruickshank said.

"The decision to move forward with this lease sale follows extensive environmental analysis, public input and consideration of the best scientific information available.”

The final notice of sale package with detailed information can be found here.

It will be the sixth offshore sale under President Barack Obama's five-year oil and gas leasing programme for the outer continental shelf. Previous sales have brought in a combined $2.3 billion in federal revenue.

However, the most recent Western Gulf Sale, held last August, was underwhelming. Just 12 companies placed a total of 61 bids, the worst showing since 1986 in Western Gulf Sale 105.

By comparison, the Central Gulf of Mexico Lease Sale 231, held last month, brought in 380 total bids from 50 companies.

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