• October 30, 2020

Federal officials making changes to some oil-lease terms - Odessa American: State

e-Edition Subscribe

Federal officials making changes to some oil-lease terms

Print
Font Size:
Default font size
Larger font size

Posted: Sunday, October 18, 2020 12:23 pm | Updated: 12:47 pm, Sun Oct 18, 2020.

NEW ORLEANS (AP) — A federal oil lease sale in November will be the first in a decade to offer 10-year leases at some depths.

Since 2010, leases in depths of 800 to 1600 meters (about a half-mile to nearly a mile) have run for seven years, with a three-year extension available for companies that have started a well on their lease.

“After a careful analysis of the past 10 years’ data, ... BOEM is reverting to offering the 10-year primary term in these specific water depths,” the Bureau of Offshore Energy Management said in a news release Thursday. Leases in deeper waters remain at 10 years. In shallower waters, the leases are for five years, with a three-year extension for companies that start a well within those first five years.

The agency is offering about 78 million acres (31.6 million hectares) in water from nine feet to more than 11,115 feet (three meters to 3,400 meters).

Like all sales since August 2016, the sale on Nov. 18 will be livestreamed, Bids will be read publicly.

The last lease sale, in March, offered about the same acreage and got bids on about 0.5% of the total.

© 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Clear
36°
Humidity: 91%
Winds: S at 2mph
Feels Like: 36°

Your Extended Forecast

Tomorrow

weather
High 69°/Low 44°
Mostly sunny. Highs in the upper 60s and lows in the mid 40s.

saturday

weather
High 78°/Low 46°
Partly cloudy. Highs in the upper 70s and lows in the mid 40s.

sunday

weather
High 67°/Low 37°
Mix of sun and clouds. Highs in the upper 60s and lows in the upper 30s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7314 to sign up today.