Department of Interior
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The new rule aims to cut energy waste from venting, flaring, and leaks and is expected to help generate $50 million annually in additional natural gas royalty payments. -
The department says the four areas, totaling 410,000 acres, have the potential to power 1.2 million homes.
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The funding comes from the Investing in America agenda with the goal of addressing legacy pollution.
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The Biden Administration plans for a maximum of three lease sales in the Gulf of Mexico from 2024 to 2029.
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The lease auction aims to advance the president’s commitment to deploy 30 GW of offshore wind energy by 2030.
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Revisions to the 2019 rule aim to bolster safe and environmentally responsible energy operations.
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The bipartisan infrastructure law included $4.7 to start plugging wells. But the new federal money is creating logistical and regulatory challenges, raising questions about whether the money will live up to its promise.
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Some Republican members of Congress have denounced the Biden administration’s recent move to withdraw hundreds of square miles of federal land in New Mexico from oil and gas development.
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Controversial Sale 259 was conducted as mandated by the Inflation Reduction Act of 2022.
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The approval adds momentum to the Alaska North Slope’s production revival.
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