The Obama Administration has removed the Arctic Ocean from any new offshore oil and gas leasing for the next five years. The plan was announced by the Bureau of Ocean Energy Management, part of the Department of the Interior, and includes 11 approved lease areas to be sold between 2017 and 2022. In all, it makes available about 70 percent of the offshore oil and gas resources that are “economically recoverable” if oil remains around $40 per barrel. Two previously considered areas in the Chukchi and Beaufort Seas north of Alaska were not included in the final plan.
No New Federal Oil And Gas Leases In The Arctic Ocean For The Next Five Years
