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November Gulf oil lease sale changing length at some depths

3 days ago   |   By Chron

NEW ORLEANS - 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 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...
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