Proposed Lease Sale 250 to be largest in U.S. oil and gas history
Monday, October 30, 2017
United States Interior Secretary Ryan Zinke recently announced the largest oil and gas lease sale in the country’s history, according to OilPrice.com.
Proposed Lease Sale 250, including nearly 77 million acres of federal waters in the Gulf of Mexico, is scheduled for March. It will be live-streamed from New Orleans.
Providing the new opportunity to the offshore industry is part of President Donald Trump’s plan to move the U.S. one step closer to becoming energy dominant. However, three consecutive years of low oil prices have negatively affected exploration budgets, drilling in deep waters is expensive and investments by fossil fuel companies have been few and far between.
Learn more: OilPrice.com > Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History
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Shale FAQ
What are mineral rights?
Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.
Will I get free natural gas if I allow fracking on my property?
Maybe. It depends on your particular lease agreement. Some companies allow property owners a yearly free gas allowance. But, the process of connecting your property to the gas source may be more complicated. Some companies will provide a hookup, others require the landowner to provide one.