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Analysts say the moratorium has had little or no immediate impact on current production in the U.S. Gulf of Mexico (GOM) given acreage already in play. That could change.
“In case of a moratorium in the U.S. offshore Gulf of Mexico federal region or complete ban on new leases, the impact would not be felt immediately but may have serious ramifications on production and investments after four to five years,” said Atul Prasad Gupta, assistant director, Oil & Gas Practice with Acuity Knowledge Partners.
Given the current economic and political environment, coupled with potential changes in leasing and permitting practices, some companies may be starting to think about long-term viability, while also playing the “wait-and-see” game.
Here is an overview of global regions that could benefit from GOM uncertainty stemming from the Biden administration s leasing moratorium.
A temporary U.S. federal moratorium on new oil and natural gas leases has been in place since January as part of a Biden administration executive order to review new fossil fuel leasing and permitting practices, amid other climate change initiatives to reduce carbon emissions.
Analysts say the moratorium has had little or no immediate impact on current production in the U.S. Gulf of Mexico (GOM) given acreage already in play. That could change.
“In case of a moratorium in the U.S. offshore Gulf of Mexico federal region or complete ban on new leases, the impact would not be felt immediately but may have serious ramifications on production and investments after four to five years,” said Atul Prasad Gupta, assistant director, Oil & Gas Practice with Acuity Knowledge Partners.