NEW YORK The U.S. Department of the Interior is offering
more than 21 million acres offshore Texas for oil and gas
exploration in a lease sale.
The sale will include 3,953 blocks located between 9 and 250
miles offshore in water between 16 and 10,975 feet deep. The
Bureau of Ocean Energy Management (BOEM) estimates that the
area could produce 116 to 200 million barrels of oil and 538 to
938 billion cubic feet of natural gas.
The proposed lease sale follows a 39-million-acre sale in March
that netted $1.2 billion and a 20-million-acre sale last
November that garnered $134 million.
This proposed lease sale reflects President Obamas
continued commitment to safely and responsibly develop our
domestic energy resources to help create jobs, foster economic
opportunities and reduce Americas dependence on foreign
oil, Secretary of the Interior Sally Jewell said in a
A provision for deep gas royalty relief under the Energy Policy
Act of 2005, which sunsets May 3, will not be available for
leases under the terms of this sale.
Lease Sale 223 will be held in New Orleans in August.