The Gulf of Mexico (GOM) accounts for the majority of oil and gas production on the Outer Continental Shelf (OCS). On March 2, 2015, the Bureau of Ocean Energy Management (BOEM) announced that its proposed Gulf of Mexico (GOM) Lease Sale 246 would offer all available unleased areas in the Western GOM Planning Area for oil and gas activity.
Michael Stuart's insight:
Approximately 21.8 million acres located 9-250 miles offshore Texas in water depths ranging from 16 to more than 10, 975 feet. Renewed industry interest – evident from the recent upturn in GOM projects – and the DOI’s priority for GOM development in its proposed 2017-2022 program will help revive the region’s offshore oil and gas production.
In addition to domestic offshore development, partnerships may begin at the U.S.-Mexico border. Mexico made constitutional amendments in December 2013 and enacted secondary legislation in August 2014 that opened oil and natural gas markets to foreign investments, including investments that are active in the GOM OCS.
Opening of Mexican waters could facilitate long-term expansion of U.S.-Mexico energy trade and provide opportunities for U.S. companies, while there is a possibility for a shift in investment focus from the U.S. OCS to Mexican waters.