(WBAP/KLIF) — The Federal government is extending lease terms for offshore oil exploration. The Bureau of Offshore Energy Management is offering 10 year oil lease sales in water depths between a half mile and almost a mile.
The longer term is the first offered for that depth in a decade. Since 2010 the Feds had offered 7 year leases with an option for an extension. 78 million acres are available for drilling in water from 9 feet to more than 11,000 feet. Leases in deeper waters remain at 10 years. while in shallower waters the term is for five years.
The bureau says that after a careful study, it is reverting to previous practices adhered to before 2010. The oil lease sale is set for November 18th.
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(Copyright 2020 WBAP/KLIF 24/7 News. This Report Contains Material From The Associated Press.)
