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Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind -  Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles...

  • Member since 2021
  • 104 items added with 53,832 views
  • Aug 25, 2021 9:30 pm GMT
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The Biden administration said on Aug. 24 it would take steps to restart the federal oil and gas leasing program in the next week and plans to hold a Gulf of Mexico auction as soon as October, court papers showed. Earlier in January, U.S. President Joe Biden paused the oil and gas leasing program, pending an analysis of its impacts on the environment and value to taxpayers. Department of Interior said in a statement that it is still conducting that review.

WHAT HAS CHANGED?

  • A June 15 federal judge’s order blocking its months-long pause in oil and gas leasing on federal lands and waters.
  • That order was a blow to a key White House effort to address climate change by reining in fossil fuel extraction.
  • The filing to a Louisiana federal district court on Aug. 24 was in response to a motion by the state of Louisiana and 12 other states from earlier this month

WHAT WILL HAPPEN?

  • The US Department of Interior, the responsible agency will take procedural steps by the end of this month to prepare for a sale of oil leases in the Gulf of Mexico. The auction itself is expected in October or November.

BOTTOMLINE

  • Together, federal onshore and offshore oil and gas leasing programs are responsible for significant greenhouse gas emissions and growing climate and community impacts.
  • "Yet the current programs fail to adequately incorporate consideration of climate impacts into leasing decisions or reflect the social costs of greenhouse gas emissions including, for example, in royalty rates," the department also said earlier this month.
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Matt Chester's picture
Matt Chester on Aug 25, 2021

Disappointing to see it going in this direction, though clearly the Administration doesn't want to see this move forward but it sees its hands as tied. What might be the next recourse? 

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