Biz New Orleans reported yesterday that a federal lease sale offering 21 million acres in the western Gulf of Mexico for oil and gas exploration and development is set for August. The Bureau of Ocean Energy Management stated that the sale of leases for areas off the Texas coast will take place in New Orleans. The sale will include approximately four thousand blocks, from nine to 250 miles offshore, in depths ranging from 16 to almost 11,000 feet. The Bureau estimates the proposed lease sale could result in the production of up to 200 million barrels of oil and 938 billion cubic feet of natural gas.
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