Federal government declares largest O&G lease sale in the U.S.
Date: 2017-10-25   Author: Sunil Hebbalkar  Category: #news

Federal government declares largest O&G lease sale in the U.S.

The Interior Department of the Federal Administration has scarcely announced its decision of encouraging oil and gas development extensively across the nation. The department has proposed nearly 77 million acres in the Gulf of Mexico on sale for energy companies, which are willing to purchase oil and gas leases. Sources claim that this is one of the largest offering ever in the history of United States.

Toward the next year, the Interior Department is planning to execute lease sales off Mississippi, Texas, Florida, Alabama, and Louisiana, though it would take several years before the drilling operations commence. The President of the Louisiana Oil and Gas Association, Don Briggs has stated that this oil and gas lease sale is likely to prove beneficial for several energy companies over the years ahead.

Experts cite that this oil and gas lease sale is one of the most significant steps undertaken toward reducing dependency on foreign oil, as the President of United States, Trump is looking forward to increasing the energy dependency on domestic oil.

Senator John Neely Kennedy, one of 12 lawmakers and governors has openly supported the announcement of the Federal Government, stating that, this sale is likely to generate many job opportunities and will contribute majorly to enhance economy of the nation. In addition, Mississippi Gov., Phil Bryant (R) also added a few lines in favor of government’s decision, claiming that this will strengthen the status of Mississippi as a prominent region for oil and gas exploration.

It has been reported that some of the energy conservation groups have opposed the announcement of the Interior Department, as in 2010, this part of the Gulf coast experienced one of the worst environmental disasters, owing to the Deepwater Horizon explosion and the 2015 crude oil spill.

In favor of Federal government’s decision however, The Bureau of Ocean Energy Management assured that the environment would be protected by means of additional leases, which are sold in the Gulf.



About Author


Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

Read More

More from Sunil


Post Recommendents

Energy startup RigUp raises $300 million in Series D investment round
Author: Saipriya Iyer

Austin has been witnessing substantial investments in its technology market landscape since 2018. The city has witnessed a surged in its venture capital activities, in technology startups, since the start of 2019. Tech...


BASIX Sub-K manages to raise Rs 75 Cr from its Series-C funding round
Author: Paroma Bhattacharya

Fintech companies are known for managing various monetary services using technology. The industry is witnessing several new smaller companies and startups who are bringing various innovative schemes and models. However...


Pennsylvania American Water buys assets of Steelton Borough Authority
Author: Pankaj Singh

In 2016, a law was passed in Pennsylvania which made in feasible for water authorities to sell their assets to utility companies. Since then, the Pennsylvania water service market has witnessed a substantial growth as ...