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12 14, 2011 by LMOGA
Today’s Western Gulf of Mexico Lease Sale in New Orleans, the first since 2009, is a huge milestone for the oil and gas industry. With nearly $338 million in total high bids and the highest individual bid at $103 million, the results announced today clearly demonstrate that the industry remains committed to doing business in the Gulf of Mexico. The significant increase in the number of bids and tracts from the August 2009 sale proves that the industry is confident in the future of drilling in the Gulf. The sale data is especially impressive when considering the competition for capital due to the recent emergence of shale plays throughout the US.
This was a solid lease sale that illustrates the continued importance of the Gulf of Mexico to America’s energy future. We must recognize that today’s developments would not have been possible without the resilience of an industry that has invested millions in strengthening safety initiatives and I am proud to be part of an industry with such a strong commitment to safe, responsible drilling.
With a $77.3 billion impact on our state and over 300,000 jobs supported, the economic impacts of the oil and gas industry on the state of Louisiana alone are incredible. Though today’s sale is primarily offshore Texas, Louisiana citizens will directly benefit from the jobs created by this sale. With an estimated 222 million to 423 million barrels of oil and 1.49 to 2.65 trillion cubic feet of natural gas from this sale, the potential benefits for the economies of the Gulf Coast are very promising. This lease sale is a huge step forward for the industry getting back to work and back to creating high-wage jobs for Americans. We look forward to the next Gulf lease sale and the opening of other offshore areas.
President, Louisiana Mid-Continent Oil and Gas Association
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