Secretary of the Interior Dirk Kempthorne will officially open the Minerals Management Service’s Outer Continental Shelf (OCS) oil and gas Lease Sale 207 for the Western Gulf of Mexico at 9 a.m. CDT, Wednesday, August 20, 2008 in New Orleans, Louisiana. Secretary Kempthorne will open and read the first bid.

• This is the first sale since President Bush lifted the executive ban on OCS leasing. The national focus has shifted to the potential of increased offshore energy production, which will continue to be under a strict regulatory regime of safety and environmental safeguards.
• The Sale is an excellent backdrop to better inform the current discussion about energy production in the United States. Sales such as this are the first step in what is normally a lengthy process to explore and develop offshore oil and gas resources.
• But even after a company invests up to a billion dollars or more in a lease during pre-production activities and spends several years engaged in multiple inspections, reviews, and strict government oversight, there’s a very real possibility that no amount of oil or natural gas will be found or produced.
• Secretary Kempthorne earlier this month announced the initial steps of a new Five-Year Outer Continental Shelf Oil and Gas Leasing Program that could provide a significant advantage for the next administration, offering options two years earlier than the current Five Year Program.

Secretary Kempthorne earlier this month announced the initial steps of a new Five-Year Outer Continental Shelf Oil and Gas Leasing Program that could provide a significant advantage for the next administration, offering options two years earlier than the current Five Year Program.