31 Dec '12, 2pm

Drumbeat: December 31, 2012

Drumbeat: December 31, 2012

Ron - Good to keep tract of one of the country's major oil plays. Some details on current activities: http://www.banner-tribune.com/view/full_story/20986032/article-Deepwater... A month ago: "Deep water got nearly all the bids in the third federal oil and gas lease in the Gulf of Mexico since the BP oil spill. Of $133.8 million in winning bids, only $4.6 million was for areas less than a half-mile underwater." IOW 96% of the bids were for DW leases. The shallow water GOM is dead with regards to oil exploration and has been for a long time. "That brings total lease sales in the Gulf to more than $2 billion over the last 12 months. Before that, lease sales were halted as the federal government scaled back production and imposed sweeping new safety measures and requirements following the Deepwater Horizon disaster in April 2010." So we now have additional lag time to the norm...

Full article: http://www.theoildrum.com/node/9747

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