Oil companies offered a combined $264 million for drilling rights in the Gulf of Mexico in a sale mandated by last year’s climate bill compromise
Developing the leases for sale in public waters in the Gulf of Mexico could produce more than 1 billion barrels of oil and more than 4 trillion cubic feet of natural gas over 50 years, according to a
The Department of Interior sale comes two days before a deadline set in last year's climate bill that Biden signed into law. Sea level rise is a factor in Louisiana’s steady loss of coastal wetlands, which in addition to harboring a variety of fisheries and wildlife, provide a buffer between inland population areas and hurricanes that scientists say are growing stronger as the world warms.
The carbon dioxide would be carried away in pipelines and injected deep under the floor of the Gulf of Mexico, a process known as carbon capture and sequestration, or CCS. Oil and gas companies are banking on carbon capture to extend the lifespan of their fossil fuel facilities, but critics say the technology is unproven and less effective than switching to renewable wind and solar energy.
ExxonMobil spokesperson Todd Spitler declined to say if there was a link between its bids and the ship channel proposal.
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