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1400 Offshore Oil Leases Extended

The federal administration has approved more than 97% of the offshore oil and gas drilling lease-extension requests that it has received.

According to the Bureau of Safety and Environmental Enforcement, it has approved 1381 out of the 1413 applications for lease extension. The extensions have been granted to compensate for the delays that these drilling companies have suffered after the moratorium on deepwater drilling in the Gulf of Mexico last year.

The Bureau of Safety and Environmental Enforcement has not specified which companies have been granted an extension, and which have not. However, according to the agency, those companies that have not had their drilling licenses extended failed to qualify for a license extension, because they were drilling in sites where oil and gas is already being produced. Typically, federal drilling leases are issued for a period of about ten years.

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