IADC Comment on BOEM’s Successful Gulf of Mexico Lease Sale

IADC Comment on BOEM’s Successful Gulf of Mexico Lease Sale

Houston (21 March 2018) – Today, the U.S. Bureau of Ocean Energy Management (BOEM) hosted Gulf of Mexico Lease Sale 250, which made available the largest amount of acreage for lease in the region in the nation’s history. At the conclusion of today’s sale, International Association of Drilling Contractors (IADC) President Jason McFarland said:

“Today’s sale, with 159 bids from 33 bidding companies on the 148 tracts offered, reflects the oil and gas industry’s improving market conditions and a regulatory environment which is favorable to the safe and responsible development of the vast amount of U.S. offshore natural resources. The waters included in the Lease Sale are projected to contain between .21 and 1.12 billion barrels of oil and .55 to 4.42 trillion cubic feet of gas, significant numbers, which will undoubtedly further the Administration’s stated goal of further solidifying energy security for the U.S. along with future job creation and revenue generation.”

ABOUT IADC

Since 1940, the International Association of Drilling Contractors (IADC) has exclusively represented the worldwide oil and gas drilling industry. IADC’s mission is to catalyze improved performance for the drilling industry by enhancing operational integrity and championing better regulation to facilitate safer, cleaner and more efficient drilling operations worldwide. For more information, visit the IADC website at www.iadc.org.