18M-acre offshore oil lease sale starts Aug. 18
U.S. Interior Secretary Ken Salazar says the government will offer 18 million acres off the Texas and Louisiana coasts at an oil and gas lease sale Aug. 18.
Salazar made the announcement at a news conference Thursday on a ground-level mockup of an offshore jackup rig at Superior Energy Services offices in the New Orleans suburb of Harvey.
He said experts estimate that the area holds 1.6 trillion to 2.6 trillion cubic feet of natural gas and an estimated 242 million to 423 million barrels of oil.