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Posts Tagged ‘Lease Sale 257’

Need to reverse these trends to reduce the risk of oil supply crunches in the future

Posted in drilling, energy policy, Gulf of Mexico, Offshore Energy - General, tagged , , , on November 10, 2021| Leave a Comment »

  • Chart 1: Gulf of Mexico rig count remains low
  • Chart 2: Exploratory drilling continues to decline and may be insufficient to replace reserves
  • Chart 3: Well starts and number of operators drilling remain at historic low levels
  • Chart 4: (1) One company (Shell) accounted for 39% of the 2021 YTD deepwater well starts in the GoM. (2) Five companies (Shell, Oxy/Anadarko, Chevron, Murphy, and BP) accounted for 80% of the deepwater well starts.

More certainty regarding lease sales would help. Prospective participants need assurances that they will have opportunities to apply findings and test exploration and development strategies. Will Lease Sale 257 be held on schedule next week?

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Will Gulf of Mexico Oil and Gas Lease Sale be held on schedule (11/17/2021)?

Posted in Offshore Energy - General, tagged , on November 8, 2021| Leave a Comment »

GoM: BOEM proposes first Gulf oil and gas lease sale for 2021 - Lease Sale 257

Opponents have filed suit in DC Federal Court to block the sale. Given that DOI seems to side with the parties that are suing them (no irony there, this is Washington), how vigorous will their defense be? Meanwhile, OPEC continues to reject White House appeals for increased production.

Per Forbes:

“If we prematurely discourage investment in fossil fuels — and then our dependence doesn’t decline as rapidly as the Biden Administration envisions — that is a recipe for shortages, higher prices, and greater dependence on foreign nations for our energy.”

Forbes

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