Late last week, the Minerals Management Service (MMS) announced that they will shorten lease sale terms on nearly 36 million acres in the Gulf of Mexico off the coasts of Louisiana, Mississippi and Alabama.
The proposed plan would set five-year terms for leases in water depths of 1,300 to 2,600 feet, instead of the standard eight-year term. Leases in water depths between 2,600 and 5,200 feet would run for seven years instead of 10.
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