Jan 07, 2025 (MarketLine via COMTEX) --
This move seeks to protect coastal communities, marine ecosystems and essential local economies dependent on activities like fishing, recreation and tourism.
US President Joe Biden has taken decisive action to shield US coastlines from the impacts of future oil and gas leasing by invoking section 12(a) of the outer continental shelf lands act (OCSLA).
The president has issued two memoranda to withdraw significant portions of the OCS, marking the largest such withdrawal in US history.
The withdrawn areas, encompassing more than 625 million acres, include the entire US Pacific and eastern Atlantic coasts, the eastern Gulf of Mexico (GOM) and the remainder of the Northern Bering Sea Climate Resilience Area offshore Alaska.
This move aims to safeguard coastal communities, marine ecosystems and vital local economies that rely on activities such as fishing, recreation and tourism.
US Secretary of the Interior Deb Haaland said: aEURoePresident BidenaEUR(TM)s actions today are part of our work across this administration to make bold and enduring changes that recognise the impact of oil and gas drilling on our nationaEUR(TM)s coastlines.
aEURoeToday, the president is taking action that reflects what states, Tribes and local communities have shared with us aEUR" a strong and overwhelming need to support resilient oceans and coastlines by protecting them from unnecessary oil and gas development.aEURA
During the fiscal year 2023, the OCS produced around 675 million barrels of oil and 796 billion cubic feet of gas. This represents around 14% of US oil production and 2% of natural gas production.
Notably, the majority of this production occurred in the western and central GOM, where more than 80% of the 12 million acres under lease have not been developed by the industry.
The National OCS oil and gas leasing programme for 2024aEUR"29 currently includes three potential lease sales in the GOM planning areas. These areas remain unaffected by the President's directive.
In contrast, the previous administration's draft five-year programme proposed 47 lease sales, including potential oil and gas auctions in all planning areas impacted by these withdrawals. This proposal received strong bipartisan opposition across the country.
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