Washington, D.C.- The Obama Administration released final details for next month's Central Gulf of Mexico oil and gas lease sale.
The Bureau of Ocean Energy Management estimates the sale could result in the production of more than a billion barrels of oil and more than a trillion cubic feet of natural gas.
Secretary of the Interior Ken Salazar says the sale will be held June 20th and will make available all unleased areas in the Central Gulf of Mexico Planning Area off the Louisiana, Mississippi and Alabama coasts.
The sale at the Mercedes-Benz Superdome in New Orleans will include 7,265 blocks on more than 38 million acres.
The government is setting the minimum bid in deep water to $100 per acre that is an increase from $37.50 per acre in the past.
They say the increase is to ensure taxpayers receive fair market value for offshore resources and give leaseholders an added incentive to invest in and develop the leases.