Tags: auction | drilling | 80 million acres | ryan zinke

Trump Administration to Lease 76.9 Million Acres for Offshore Drilling

Trump Administration to Lease 76.9 Million Acres for Offshore Drilling
Interior Secretary Ryan Zinke (Andrew Harnik/AP)

By    |   Tuesday, 24 October 2017 01:43 PM

The Trump administration will hold a leasing auction in March for nearly 80 million acres of federal water to be used for offshore drilling.

There will be 76,967,935 acres up for grabs, in offshore areas owned by the government in the Gulf of Mexico off the coasts of Texas, Louisiana, Mississippi, Alabama, and Florida.

Secretary of the Interior Ryan Zinke announced the lease sale in a statement on the department's website.

"In today's low-price energy environment, providing the offshore industry access to the maximum amount of opportunities possible is part of our strategy to spur local and regional economic dynamism and job creation and a pillar of President Trump's plan to make the United States energy dominant," Zinke said.

"And the economic terms proposed for this sale include a range of incentives to encourage diligent development and ensure a fair return to taxpayers."

A similar lease sale occurred in August for around 73 million acres. A little more than 508,000 acres were ultimately leased, which generated $121 million in high bids. The government also collects rent payments for the plots and royalties from production that occurs in them.

The Interior Department said the upcoming lease sale includes 14,375 separate plots that are anywhere from 3 miles offshore to as many as 250 miles. There's also a wide range of depths, from 9 feet to 11,115 feet.

President Donald Trump authorized drilling in the Arctic and Atlantic Oceans via an executive order earlier this year. He also has proposed selling off some of America's strategic oil reserve as he seeks ways to make the nation an energy leader.

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The Trump administration will hold a leasing auction in March for nearly 80 million acres of federal water to be used for offshore drilling.
auction, drilling, 80 million acres, ryan zinke
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2017-43-24
Tuesday, 24 October 2017 01:43 PM
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