The US administration has unveiled its 2024-2029 oil and gas leasing programme, drastically reducing oil and gas auctions in federal waters. The proposed leasing schedule would prevent new offshore leasing anywhere outside the Gulf of Mexico and only three offshore lease sales in the Gulf of Mexico would be held through 2029 (sale n°262 in 2025, sale n°263 in 2027 and sale n°265 in 2029).
This would be the lowest number of oil and gas sales since the Department of Interior's Bureau of Ocean Energy Management (BOEM) started oil and gas leasing schedules in 1980, since previous programmes offered between 11 and 41 sales. The plan, which falls short of a campaign promise to end new federal leasing, is subject to a 60-day waiting period before it can be approved.
According to the BOEM, production from existing OCS leases currently constitutes 15% of domestic oil production and 2% of domestic natural gas production
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