LMOGA President Chris John on Central Gulf Lease Sale 227

Posted: Mar 20, 2013 2:29 PM by Press Release

Today's Central Gulf of Mexico Lease Sale 227 in New Orleans is another great step forward for the oil and gas industry in continuing to develop offshore resources. With over $1.5 billion in total bids and the highest individual bid of nearly $82 million, the numbers announced today clearly demonstrate that industry remains committed to doing business in the Gulf of Mexico.

This is a solid lease sale that illustrates the continued importance of the Gulf of Mexico to America's energy future. We are pleased with today's results, but we can't ignore the inefficiencies of the federal 2012-2017 offshore plan. Today's sale will help develop new resources, but opening up new areas of the OCS for drilling opportunities is critical to securing America's energy future.

With a $77.3 billion impact on our state and over 300,000 jobs supported, the economic impact of the oil and gas industry on the state of Louisiana alone is incredible. With estimates of up to 1 billion barrels of oil and 4 trillion cubic feet of natural gas undiscovered in the region up for sale today, the potential benefits for the economies of the Gulf Coast are very promising. The Gulf of Mexico has a strong future as an attractive investment area for drilling activity and today's lease sale will create jobs and increase revenues for the state of Louisiana.