Part 1: What is NTL No. 2016-N01? In July an agency under the executive branch of the U.S. government delivered what might be a killshot for a portion of the leaseholders and operators working to extract oil and natural gas from the deepwater U.S. outer continental shelf (OCS). It looks innocuous enough. A memo entitled “Requiring Additional Security” that was
U.S. Offshore Drilling Changes Drastically after Sept. 12, 2016 – Part 1 In July an agency under the executive branch of the U.S. government delivered what might be a killshot for a portion of the leaseholders and operators working to extract oil and natural gas from the U.S. outer continental shelf (OCS). It looks innocuous enough. A memo entitled “Requiring Additional
Energy XXI (ticker: EXXI), one of the largest operators in the Gulf of Mexico, announced significant liquidity-enhancing measures in two separate press releases on June 22, 2015. The first announcement, released prior to market opening, confirmed an agreement with the Bureau of Ocean Energy Management (BOEM) regarding supplemental bonding requirements. As explained by Capital One Securities, “In April, EXXI received
Determining the fair market value of offshore assets Since 2012, the Bureau of Ocean Energy Management (BOEM) holds a handful of auctions for offshore blocks, or tracts, for oil and gas development. These sales take place in two phases, each used to ensure that the BOEM is receiving fair market value for the property it is auctioning off. According to
Lease Sale 235 Generates Less than Half of Previous Sales in the Central GOM The Bureau of Ocean Energy Management (BOEM), an energy arm of the Department of the Interior, concluded its Lease Sale 235 in the Central Gulf of Mexico (GoM) on March 18, 2015. The sale is the BOEM’s first of the year and sold approximately 923,700 acres,
The Center for Biological Diversity filed a lawsuit against the United States Interior Department on February 19, 2015, alleging the violation of three federal laws for oil and gas development offshore California. The results from the lawsuit could potentially affect the oversight of all offshore activity, including those in the Gulf of Mexico. The Center cited several reasons behind its
The United States Department of the Interior, in conjunction with President Obama, Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management Director Abigail Ross Hopper, released a Draft Proposed Program for development of offshore properties in an official release on January 27, 2015. The Program opens up 14 potential lease sales in eight planning areas, including: 10
Department of Interior looking to triple federal offshore acreage for wind development In a press release on Monday, the Department of Interior announced that more than 742,000 acres offshore Massachusetts will be offered for commercial wind energy development in a January 29, 2015, competitive lease sale. According to an analysis prepared by the U.S. Department of Energy’s National Renewable Energy
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