The American Petroleum Institute (API) has expressed approval following the Department of the Interior's Bureau of Ocean Energy Management announcement regarding a Proposed Notice of Sale for Lease Sale 262 in the Gulf of America. This marks a significant development in U.S. offshore energy activities.
Dustin Meyer, Senior Vice President of Policy, Economics, and Regulatory Affairs at API, commented on the announcement: "Today’s announcement marks another step in a new path forward for safe and responsible U.S. offshore development after years of roadblocks that hampered energy investment in the Gulf of America. We applaud Secretary Burgum for leveraging our nation’s vast offshore resources to support energy affordability and national security."
Lease Sale 262 is notable as it will be the first federal offshore oil and natural gas lease sale since 2023 and the first non-congressionally directed sale since 2021. The Gulf of America plays a crucial role in U.S. energy production, contributing to 97% of all oil and natural gas output from offshore waters. It currently provides 14% of total U.S. crude oil production and 2% of natural gas production.
Additionally, according to a report by the National Ocean Industries Association, the Gulf produces some of the world's lowest carbon intensity barrels.
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