Posted on 03/16/2010 10:29:03 AM PDT by thackney
The Director of Minerals Management Service, Liz Birnbaum, will participate in the Central Gulf of Mexico Lease Sale 213 in New Orleans on March 17. She will open the Federal oil and gas lease sale at 9 a.m. CDT at the Louisiana Superdome with brief remarks. Following the bid reading, she will hold a media availability to discuss the results of the sale.
The sale, held by the U.S. Department of the Interior's Minerals Management Service (MMS), encompasses 6,958 unleased blocks covering more than 36.9 million acres offshore Louisiana, Mississippi, and Alabama. Approximately 4.1 million unleased acres in the "181 South Area" are included in this sale, with Alabama, Mississippi, Louisiana, and Texas sharing in revenues from tracts leased in that area.
Blocks are located in Federal waters from three to more than 230 miles offshore, in water depths of about 10 feet (three meters) to more than 11,200 feet (3,400 meters). MMS estimates that this sale could result in production of approximately 0.8 to 1.3 billion barrels of oil and 3.3 to 5.4 trillion cubic feet of natural gas.
Or will investors not trust the government to follow through with the permits required to develop these leases and the bidding stay low?
Of course we will know soon but I’m willing to bet on low bids unless they think that this bunch in the whitey house will be gone in 2012.
Personally, I wouldn’t be spending the money right now but it is mostly because I’ve lost my objectivity where it comes to this administration. I simply hate them and don’t trust them.
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