BOEM – Oil & Gas 360

States sue BOEM over “egregious” $7 billion decommissioning rule targeting small oil and gas companies

June 18, 2024

World Oil (WO) – Texas, Louisiana, and Mississippi have sued the U.S. government to block a proposed rule by the Biden administration that would require offshore oil and gas companies to provide nearly $7 billion in financial assurances for decommissioning old infrastructure. The decommissioning rule, targeting smaller companies lacking investment-grade ratings or sufficient proven reserves, supposedly “protects” taxpayers from covering

BOEM reschedules Gulf of Mexico lease sale 261 for third time after court order

November 20, 2023

World Oil (WO) — As a result of the order issued by the United States Court of Appeals for the Fifth Circuit on Nov. 14, 2023, the Bureau of Ocean Energy Management (BOEM) has scheduled Lease Sale 261 for Dec. 20, 2023. The Gulf of Mexico oil and gas lease sale was originally scheduled for Sept. 27, 2023, and later

First Big U.S. Offshore Wind Project Hits Snag Due to Fishing-Industry Concerns

July 29, 2019

From Reuters Trump administration infighting is holding up approval of the first major U.S. offshore wind energy project, with agencies sparring over whether the proposal does enough to protect the fishing industry, according to interviews and agency documents. The delays are a setback to President Donald Trump’s efforts to fast-track big energy infrastructure projects and could threaten the administration’s plans

Federal Offshore Wind Sale Rivals Oil & Gas with a Record $405 Million in Winning Bids

December 17, 2018

From Marine Log Friday’s BOEM offshore wind lease sale of some 390,000 acres offshore Massachusetts drew competitive winning bids from three companies, totaling approximately $405 million. That was way more than the previous highest grossing offshore wind lease sale in December 2016 for the lease area offshore New York that received a winning bid of over $42 million. It was

BOEM Conditionally Approves Hilcorp’s Artificial Island Plan for Alaska Waters

October 25, 2018

Similar to four others offshore Alaska Ryan Zinkie, U.S. Secretary of the Interior, provided more details today regarding a proposed oil and gas development facility in offshore Alaska, the first facility of its type in waters off Alaska if approved. In terms of the specifics of the proposal, the Bureau of Ocean Energy management (BOEM) issued conditional approval to Hilcorp

Energy PE Firm HitecVision, Oman's Petrogas to Buy UK oilfields for $635 Million -Oil & Gas 360

2018 to Deliver Largest Oil & Gas Lease Sale in U.S. History

October 26, 2017

March 2018 BOEM sale offers 76.9 million acres for lease – oil & gas development in the Gulf of Mexico U.S. Secretary of the Interior Ryan Zinke has announced the nation’s largest ever federal lease sale—almost 77 million acres in federal waters of the Gulf of Mexico–offshore Texas, Louisiana, Mississippi, Alabama and Florida. The proposed region-wide lease sale, offering an

BOEM Offers GOM Leases at Reduced Royalty Rate for Shallow Water Leases

July 17, 2017

In a step towards fulfilling the Five-Year National Outer Continental Shelf (OCS) Oil and Gas Leasing Program, U.S. Secretary of the Interior Ryan Zinke made known on July 13th the availability of 75.9 million acres in the Gulf of Mexico for lease for the purpose of oil and gas exploration. The acreage lies off the coast of Texas, Louisiana, Mississippi,

BOEM Extends its Review of Financial Assurance Requirements for OCS Decommissioning

June 28, 2017

Secretary’s mandated review of NTL No. 2016-N01 will get more time In an announcement on June 22, 2017, BOEM reiterated that Secretary’s Order 3350, issued on May 1, 2017, directed BOEM to “promptly complete a review of Notice to Lessees (NTL) No. 2016-N01 and provide our recommendation on whether to implement this NTL to the Assistant Secretary – Land and

BOEM Issues Delay for New Financial Assurance Requirements for Offshore Operators

January 12, 2017

Government prioritizing implementation of new OCS financial assurance rule On January 6, 2017, the Bureau of Ocean Energy Management (BOEM) announced a six-month delay in the implementation of the rigorous financial assurances required by Notice to Lessees and Operators NTL No. 2016-N01, Haynes and Boone attorneys Robert Thibault and Christopher J. Reagen announced in a notice to clients yesterday. “Although the

U.S. to offer 48 Million Acres in its Last Central Gulf of Mexico Oil & Gas Lease Sale

December 22, 2016

Final Notice of Sale announces lease terms for available acreage offshore Louisiana, Mississippi and Alabama – Lease Sale Number 247 is Mar. 22, 2017 Two days after President Obama used his pen to indefinitely ban most of the Arctic and some of the Atlantic to oil and gas drilling, the Bureau of Ocean Energy Management (BOEM) announced its Notice of

Gulf of Mexico Operators: Prepare to Present the U.S. Government with Financial Assurance Covering 100% of Decommissioning Liability for your OCS Leases

September 23, 2016

Notices from BOEM to Gulf of Mexico operators will hit mail boxes starting in November: an Oil & Gas 360® Exclusive Interview with BOEM GOM Regional Director Michael Celata – Part 3 of a Series New, much more stringent financial demands for decommissioning liability are about to hit the offshore oil and gas operators and leaseholders hard. Oil and gas

Experts Predict Trouble Ahead for Gulf of Mexico Oil & Gas Operators

September 20, 2016

New supplemental collateral requirements could severely damage independent Gulf of Mexico drillers, producers – Part 2 On Sept. 12, 2016, the federal government initiated big changes to its bonding requirements for the financial liability for decommissioning oil and gas assets on the U.S. outer continental shelf (OCS). The new requirements are game-changing, according to some experts who predict that the

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