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The 1894 discovery of oil in Corsicana, Texas and the 1901 discovery of oil at Spindletop in Beaumont, Texas, began a subsequent oil boom in Texas and the western U.S. [6] In 1901, the Texas Legislature authorized UT Austin to "sell, lease and otherwise control" oil and mineral rights for PUF land. [3]
The first federal lease sale offshore Alaska was held in 1976. Alaska produces oil and gas from offshore areas in the Cook Inlet and the Arctic Ocean. [7] Endicott Island is an artificial island built to produce oil from beneath the Beaufort Sea. There are currently four artificial islands being used for drilling.
The foundational legal document of the U.S. oil and gas industry is the oil and gas lease. [6] Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and ...
Some oil companies have expressed interest in bidding to build wind turbines off the Texas coast, which could help reduce emissions that cause climate change but still come at an environmental cost.
Oil companies offered $382 million for drilling rights in the Gulf of Mexico on Wednesday after courts rejected the Biden administration's plans to scale back the sale to protect an endangered ...
An upcoming sale of federal Gulf of Mexico oil and gas leases was officially postponed Thursday amid legal fights over protections for an endangered species of whale. A federal appellate panel ...
Oil and gas rights in the offshore US are divided between the state and federal governments (see Offshore oil and gas in the United States). Rights to explore on US federal offshore areas are obtained through competitive sealed bids. Individual tracts are generally 9 square miles (23 km 2). Current leases being offered in the Gulf of Mexico ...
Environmentalists are fuming after the Department of the Interior auctioned leases to drill for oil in an 80-million-acre section of the Gulf of Mexico on Wednesday morning.