New Gulf Leases Could Yield 1B Barrels of Oil

38M acres set for auction
By Matt Cantor,  Newser Staff
Posted Feb 8, 2013 4:48 AM CST
New Gulf Leases Could Yield 1B Barrels of Oil
The US is leasing up to 38 million acres for oil and gas drilling in the Gulf of Mexico.   (Shutterstock)

The US is nearly ready to auction off oil and gas drilling leases for up to 38 million acres in the Gulf of Mexico—an area which could yield some 1 billion barrels of oil and 4 trillion cubic feet of natural gas, the Wall Street Journal reports. The March 20 sale will cover areas throughout the Central Gulf, off Alabama, Louisiana, and Mississippi. Areas available range from three miles to 230 miles offshore. Last June's Central Gulf sale of more than 2.4 million acres garnered $1.7 billion; another Gulf sale is set for later this year, the Journal notes. (More Gulf of Mexico stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X