Obama Administration Lands $134M In Gulf Lease Sale

Law360, New York (November 28, 2012, 3:42 PM EST) -- The Obama administration auctioned off more than 650,000 acres of federal land in the Gulf of Mexico for oil and natural gas development Wednesday, drawing close to $134 million in high bids in the first lease sale under its new offshore drilling program.

The sale offered up all unleased land in the U.S. Department of the Interior’s Western Gulf of Mexico planning area — about 20 million acres — for offshore oil and natural gas drilling, and marked the third lease sale in the Gulf in...
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