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An upcoming sale of federal Gulf of Mexico oil and gas leases was officially postponed Thursday amid legal fights over protections for an endangered species of whale. A federal appellate panel ...
A sale of federal Gulf of Mexico oil and gas leases that had been scheduled for Nov. 8 was delayed Thursday by a federal appeals court, pending court arguments that focus on protections for an ...
Environmentalists are fuming after the Department of the Interior auctioned leases to drill for oil in an 80-million-acre section of the Gulf of Mexico on Wednesday morning.
Oil production in the US Federal zone, offshore Gulf of Mexico. In 2012, federal leases in the Gulf of Mexico produced 463 million barrels (73.6 × 10 ^ 6 m 3) of oil, which made up 19.5% of all U.S. oil production that year, and more than that of any U.S. state other than Texas.
The oil and gas company offering the highest up-front payment to the government (called a bonus) wins the lease. The government also receives a fixed annual rental based on the area for non-producing leases, and a percentage of the market value of any oil or gas produced and sold (royalty). The leases expire after a set number of years, or ...
The foundational legal document of the U.S. oil and gas industry is the oil and gas lease. [6] Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and ...
The Biden administration says it is canceling three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska, removing millions of acres from possible drilling as U.S ...
In 1965, during the state lease sale, Richfield partnered with Humble Oil and acquired leases over what was later identified as the gas cap while BP was awarded leases over the "oil ring". [ 46 ] In 1968, Prudhoe Bay State No. 1 encountered the Permian - Triassic Sadlerochit formation at 8200 feet which flowed gas at 1.25 million cubic feet per ...
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