facebook
twitter
rss
account
search
search
 

Gulf of Mexico key to energy security, U.S. officials say

Feb. 14, 2014 at 7:17 AM   |   Comments

| License Photo
WASHINGTON, Feb. 14 (UPI) -- One billion barrels of oil and 4 trillion cubic feet of gas could be produced from acreage up for auction in the Gulf of Mexico, U.S. government officials said.

U.S. Interior Secretary Sally Jewell and Bureau of Ocean Energy Management Director Tommy Beaudreau announced plans for a lease sale in the so-called Eastern Planning Area in the gulf.

The BOEM said an estimated 40 million acres will be up for auction in New Orleans in March.

Beaudreau said that, with the Gulf of Mexico accounting for 20 percent of all U.S. oil production and 6 percent of natural gas production, the lease would help ensure North American energy security.

"As a critical component of the nation's energy portfolio, the gulf holds vital energy resources that can continue to generate jobs and spur economic opportunities for gulf producing states as well as further reduce the nation's dependence on foreign oil," he said in a statement Thursday.

The leases will be the fourth and fifth under a five-year program launched in 2012 for offshore oil and natural gas development.

The Interior Department said the first three lease sales in the Gulf of Mexico unlocked more than 79 million acres for development.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
IS oil smugglers will feel wrath, Kurdish leader says IS oil smugglers will feel wrath, Kurdish leader says
2
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
3
Exxon says it's safe from Russian sanctions Exxon says it's safe from Russian sanctions
4
Gas ball in Ukraine's court, Kremlin says Gas ball in Ukraine's court, Kremlin says
5
Navy orders more Block IV Tomahawk cruise missiles Navy orders more Block IV Tomahawk cruise missiles
Trending News
x
Feedback