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
SilverBow ‘Poison Pill’ Attempts to Fend Off Possible Kimmeridge Takeover
2022-09-29 - Kimmeridge Energy, which spent more than $100 million to acquire SilverBow Resources stock, recently acquired another Eagle Ford E&P—Laredo Energy, an analyst said.
Women in Energy: Morgan Hager, Chesapeake Energy
2022-07-18 - Today’s featured 25 Influential Women in Energy honoree is Morgan Hager, vice president of health, safety, environment and regulatory at Chesapeake Energy based in Oklahoma City.
Pioneer, Devon, ConocoPhillips Join Oil and Gas Methane Partnership 2.0 Initiative
2022-07-15 - The Oil and Gas Methane Partnership 2.0 Initiative is dedicated to reducing methane emissions and improving emissions reporting transparency in the oil and gas industry.
Latin America's Abundance of Investment Opportunities
2022-09-07 - South American countries Brazil and Argentina offer large-scale investment opportunities that focus on electricity, renewables, asset divestments, crude oil and natural gas production and infrastructure build outs and LNG exports.
ConocoPhillips CEO Warns of Oil Supply Shortages, Price Volatility
2022-07-20 - Ryan Lance, head of the largest U.S. independent oil producer, offered a dour outlook on future oil supply in remarks to members of the oil group the Houston Producers Forum.