In an anticipated announcement, Kerr-McGee Corp. late Monday signed an agreement to sell the rest of its interests on the Outer Continental Shelf of the Gulf of Mexico to W&T Offshore Inc. for $1.34 billion in cash. The transaction is the largest in W&T’s history, making the Houston-based explorer one of the top gross acreage holders in the Gulf with 2.3 million gross acres.
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Pombo Tries to Salvage OCS Drilling in House Budget Bill
Rep. Richard Pombo (R-CA), chairman of the House Resources Committee, is working to reattach expanded Outer Continental Shelf (OCS) drilling to the pending budget reconciliation package, according to Capitol Hill aides.
House Lawmakers Press to Eliminate Offshore Ban on Gas-Only Drilling
Less than a week after House leaders scrapped expanded Outer Continental Shelf (OCS) development as part of the deficit-reduction package, two members of the House Resources Committee are expected to introduce stand-alone legislation by Tuesday that would eliminate the moratorium with respect to drilling for natural gas on the federal OCS.
NGI The Weekly Gas Market Report
Congressional Activity on Expanded OCS Leasing, ANWR Mounts, But Hurdles Remain
There was considerable activity and noise in both the House and Senate last week to open up additional areas — the federal Outer Continental Shelf (OCS) and the coastal plain of the Arctic National Wildlife Refuge (ANWR) — to oil and natural gas exploration and production. But it still remains to be seen whether this will translate into concrete action by lawmakers this year.
House Republicans Fail to Overturn OCS Drilling Moratorium
Two House Republican amendments seeking to remove the congressional moratorium on exploration and production in portions of the federal Outer Continental Shelf (OCS) were vanquished last Thursday.
House Republicans Lose Effort to Remove OCS Drilling Moratorium
Two House Republican amendments seeking to remove the congressional moratorium on exploration and production in portions of the federal Outer Continental Shelf (OCS) were vanquished Thursday.
Senate Bill Calls for Sharing of OCS Revenues with Five Energy-Producing Coastal States
Sen. Mary Landrieu (D-LA) introduced legislation Thursday that would automatically reserve a “significant portion” of Outer Continental Shelf (OCS) revenues for distribution to the five energy-producing coastal states that aren’t restricted by moratoria off their shores.
MMS Seeks Companies to Explore in Alaska’s Frontier Areas
The Minerals Management Service (MMS), looking to foster exploration in more remote areas of the Alaska Outer Continental Shelf, is assessing industry interest in exploring for oil and gas in Alaska’s Chukchi Sea/Hope Basin and Norton Basin.
MMS Seeks Companies to Explore in Alaska’s Frontier Areas
The Minerals Management Service (MMS), looking to foster exploration in more remote areas of the Alaska Outer Continental Shelf, is assessing industry interest in exploring for oil and gas in Alaska’s Chukchi Sea/Hope Basin and Norton Basin.
MMS Raises Estimate of Recoverable OCS Gas by 12% to 406.1 Tcf
Updating its estimates for undiscovered technically recoverable resources (UTTR) underlying offshore waters on the Outer Continental Shelf (OCS), the Minerals Management Service (MMS) said last week that new exploration activities in the Gulf of Mexico and in the Scotian Basin offshore Canada have revealed that there is 12% more recoverable gas than estimated in 2000. The MMS now estimates that there are 76 billion barrels of oil and 406.1 Tcf of recoverable natural gas in federal offshore areas.