BOEM to auction 48M acres in Gulf of Mexico
Tuesday, January 3, 2017
The United States Bureau of Ocean Energy Management will auction 48 million acres in central Gulf of Mexico waters for offshore oil and gas exploration on March 22, according to Splash24/7.
Lease Sale 247 marks the 12th and final sale for the Gulf of Mexico under the five-year plan for 2012-2017 under U.S. President Barack Obama’s administration.
Lease Sale 247 includes 9,118 blocks, ranging between 9 feet to 11,115 feet in depth and anywhere from 3 to 230 miles offshore Louisiana, Mississippi and Alabama. It will be live streamed on the BOEM website on March 22.
Learn more: Splash24/7 > BOEM offers 48m acres in US Gulf of Mexico at March 2017 lease sale
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.