Arena Energy said its acquisition includes a majority interest in two of the largest fields in the shallow water Gulf of Mexico in Eugene Island 330 and South Marsh 128.
that i would think is a good sign. walk us through these developments. for context, when the biden administration announced these lease sales, there were 5,000 offshore wind turbines in europe and the united states had seven. we are barely out of the wright brothers garage if this country when it comes to offshore wind. there was a $4 billion plus sale earlier this year for new jersey and new york sites that will generate enough electricity for 1.5 million people. on the west coast it s sort of a bigger investment upfront because they are talking about floating turbines. so this is next generation. you don t have to mount to the sea floor, which is hugely expensive. there are other prototypes that may be able to capture wave energy at the same time as it captures wind energy. we are at the cusp of this. the international netwenergy ag, not a bunch of tree-hugging,
change agenda, energy group say the president broke the law by not auctioning off land for oil and gas drilling. the president of the petroleum association of wyoming is one group suing the administration and hein jos me now. great to have you on, explain what is going on and why you are suing the biden administration? thanks for having me and good morning from wyoming. we have had to go to the judicial branch to try to help us have biden administration follow the law with respect to leasing. federal law under mineral leasing act require the government lease four times a year, quarterly lease sales is the actual term and unfortunately under this administration, we have only had one lease sale in two years of the biden administration term. we ve had to file lawsuits on this and other things to try to protect our rights and protect the industry s ability to be out on the ground in wyoming and
Executive Order 14008 President Biden paused oil and gas lease sales on public lands and offshore waters. Bureau of Ocean Energy Management BOEM canceled Lease Sales 258 in Alaska Cook Inlet and 259 Gulf of Mexico. Congress required BOEM hold sales in Inflation Reduction Act IRA.