The U.S. Minerals Management Service’s auction yesterday of oil and gas leases in the Gulf of Mexico totaled $3.67 billion, shattering 1983’s record $3.4 billion and October 2007’s $2.9 billion — then the second largest. For the first time ever, a portion of the lease sale in the eastern region and revenues generated from drilling will be returned to Louisiana and other producing states.
Bids were collected on Central Lease Sale 206, which is off the coasts of Louisiana, Mississippi and Alabama and accounted for the bulk of the lease sale. Another 58 bids were received from five companies on 36 tracts an area about 125 miles from the Florida Panhandle. Known as Eastern Lease Sale 224 and totaling $64 million, this marks the first time bids have been taken in the eastern Gulf region.
Most notable about Eastern Sale 224 is its impact on the state coffers in Alabama, Mississippi, Louisiana, and Texas, which will receive 37.5 percent of the revenues generated from all newly leased acreage in the eastern region. The history-making revenue sharing provision was mandated by the Gulf of Mexico Energy Security Act of 2006, giving the states royalties from production in federal waters off their coastlines. U.S. Sen. Mary Landrieu co-authored the legislation, earmarking the revenues, an estimated $13 billion over the next three decades, for coastal restoration and hurricane recovery.
Louisiana’s share just from the March 19 lease sale will total about $9 million this year alone, according to Landrieu.
The Lafayette City-Parish Council will consider on Tuesday a revised plan to the transform a block in Downtown Lafayette into a mixed-use residential-retail-commercial development that doesn’t include giving title to the property to the Lafayette Public Trust Finance Authority, an arrangement the council rejected earlier this month.
Trying to combat the national undertones of Louisiana's U.S. Senate race, Democratic incumbent Mary Landrieu is traveling the state this week on a sort of pork celebration tour, telling voters about the projects and aid she's delivered to Louisiana.
Ever thought that big, pink Gulf coast shrimp you ordered at the restaurant or bought from the store didn't taste juicy or salty enough? Maybe it wasn't from the Gulf.
The state treasurer won't sign financial documents needed for $200 million in borrowing or for a refinancing of existing debt until he believes they accurately explain the surplus disagreement.
Homecoming outfits with ease
Acadian style home in St. Martinville or traditional Breaux Bridge home
Acadiana's nightlife guide.
Bill Cassidy voted for 97 percent of the bills signed by Barack Obama.
Louisiana Gov. Bobby Jindal is joining South Carolina Gov. Nikki Haley on her campaign bus tour.
A New Iberia man has been sentenced to life in prison for killing a 4-year-old girl and scalding her 3-year-old brother.
A district judge decided Wednesday against sanctioning attorney/school board candidate Dawn Morris for her behind-the-scenes role in a lawsuit against Mark Cockerham.
Secretary of State Tom Schedler says Gov. Bobby Jindal's administration may have improperly destroyed records in the state employee health insurance program, in the middle of a heavily-criticized rewrite of benefit plans.
San Fran wins the World Series; Sistine Chapel improvements; Kurds moving toward Syria and more national and international news for Thursday, October 30, 2014.
Thursday's Blogs from the Bog!
Paper cites the former ADA's "experience as a prosecutor, his demonstrated integrity, and his ideas for reshaping the [DA's] office" in urging voters to support Keith Stutes Nov. 4.
Louisiana officials have sent a letter to the American Society of Tropical Medicine and Hygiene un-inviting members of the group who have recently been to ebola-affected West African countries from attending the group’s annual conference in New Orleans next week.
Drew Brees and the New Orleans Saints have to find a way to win on the road if they plan to take over first place in the NFC South.
"It is obvious that Louisiana economic performance has not outperformed the South or the United States as a whole and, in fact, has substantially underperformed..."
A state district judge said he will rule Friday on a preliminary injunction to keep some charter schools from receiving $60 million through Louisiana's public school financing formula.
Saints fans were to gather, make merry, eat/drink compliments of a new Downtown group and watch the Saints beat Carolina and claim 1st place in the NFC South. But...
Three bedroom traditional or four bedroom traditional in Lafayette
Our fav dress for all seasons
Acadiana's nightlife guide.
New Orleans Saints running back Mark Ingram doesn't see his dramatic spike in production as any sort of validation.
U.S. Sen. Mary Landrieu is facing off one last time with her two main Republican challengers before next week's election.
Shoppers familiar with Louisiana-based Rouses Market might be surprised when they walk into the new third location set to open at the Corner of Johnston Street and Duhon Road south the Acadiana Mall on Wednesday.
Noted architect and co-founder/principal of Architects Southwest receives highest honor given to former student.
Know an innovator, job creator and visionary with a penchant for hard work? We want to know that person.
He’s pulling for Knezek and Hidalgo on his end of the parish but issued endorsements in three other districts as well.