Gulf of Mexico offshore drilling proposal announced
Monday, March 13, 2017
The U.S. Interior Department announced an offshore drilling proposal in the Gulf of Mexico, offering 73 million acres for oil and gas exploration and development, according to The Washington Post.
The proposal includes more than 13,700 lease blocks extending three miles to 230 miles off Florida, Alabama, Texas, Louisiana and Mississippi. The lease sale is scheduled for August 16.
The five-year plan is similar to one proposed by the Obama administration, which included 66 million acres in the same location of the gulf.
Learn more: The Washington Post > Trump’s new Gulf of Mexico oil and gas drilling proposal looks a lot like Obama’s
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Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.