The Biden administration on Sept. 21 revealed plans to hold an auction of oil and gas drilling rights for up to 1 million acres in the Cook Inlet off the coast of Alaska in December.
The sale is among the concessions to the oil and gas sector included in U.S. President Joe Biden's new climate change law, the Inflation Reduction Act (IRA).
Biden paused drilling auctions on federal lands and waters shortly after taking office as part of an agenda to fight climate change. But Senator Joe Manchin, a Democrat who represents the coal-producing state of West Virginia, demanded protections on federal leasing in exchange for his support for the IRA.
According to documents posted on a government web site, the Bureau of Ocean Energy Management will publicly announce bids received on Dec. 30, the day before the legislation’s deadline to hold the sale.
BOEM will offer up to 224 blocks, the agency said, in water depths from 33 to 260 feet. It is considering removing 17 blocks that overlap with beluga whale and sea otter habitats.
Earlier this year and before passage of the IRA, the administration scrapped a planned Cook Inlet sale, citing a lack of industry interest in the area.
The administration will publish a final sale notice at least 30 days before it is held.
Recommended Reading
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.