There’s a lot of Gulf coast real estate going on the auction block very soon. The offshore property stretches from Florida to Texas, and it will be sold in the form of energy leases by the U.S. Interior Department to companies who want to develop oil and gas resources.
Matt Smith, director of commodity research for ClipperData says the 77 million acres will be available for long-term lease. He says this sale follows an August offering that received “a tepid response” from the oil industry.
What you’ll hear in this segment:
– Why offshore leases haven’t attracted more buyers
– How much of U.S. oil is produced offshore
– Why offshore drilling has increased as a percentage of overall oil production
Written by Shelly Brisbin.