26 Apr '11, 12pm

Sale of Oil Leases Planned for Gulf of Mexico: The proposed lease area contains as much as 420 million barrels o...

An oil and gas lease sale covering more than 28,000 square miles in the western Gulf of Mexico could take place as soon as the end of the year, federal regulators quietly announced last week. The sale of leases in the area was suspended after the Deepwater Horizon rig explosion and oil spill last year. The area contains as much as 420 million barrels of oil and 2.6 trillion cubic feet of natural gas, according to an environmental impact statement drafted by the Bureau of Ocean Energy Management, Regulation and Enforcement, the federal agency now responsible for oversight of offshore oil and gas production. The impact statement covers deposits located as far as 10,978 feet underwater. The next step in the lease sale process will be a series of public meetings in Houston and New Orleans. Federal regulators will also collect written comments on the environmental consequences ...

Full article: http://green.blogs.nytimes.com/2011/04/26/sale-of-oil-lea...

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