Trump administration to review $4.9B of offshore oil and gas leasing, drilling licenses, royalties, royalties for offshore oil, gas, minerals

Trump administration to review $4.9B of offshore oil and gas leasing, drilling licenses, royalties, royalties for offshore oil, gas, minerals

By Axios staffThe Trump administration is reviewing $4 billion of offshore drilling licenses and royalties for oil and natural gas, Axios has learned.

As Axios first reported last week, President Donald Trump’s Interior Department is proposing $4,957,800 in offshore leasing and drilling projects for 2017, including $5.1 billion in leasing for oil.

The Interior Department has approved a total of 12 offshore leases totaling $437.9 billion, with a total revenue of $3.9 trillion, the agency has confirmed.

The proposal for leasing for offshore gas is $1.1 trillion, with an annual revenue of nearly $1 trillion.

The Interior Department plans to finalize the leasing and exploration of up to 6,300 new wells, including 870 offshore wells, the department said in a statement.

The Trump Administration is seeking to expedite the completion of the Atlantic Coast Pipeline from Louisiana to the Gulf Coast, and to develop new pipeline routes for shipping of natural gas.

The pipeline is scheduled to open in 2022.

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