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Federal officials making changes to some oil-lease terms

NEW ORLEANS (AP) — A federal oil lease sale in November will be the first in a decade to offer 10-year leases at some depths. Since 2010, leases in depths of about a half-mile to nearly a mile have run for seven years, with a three-year extension available for companies that have started a well on their lease. The Bureau of Offshore Energy Management says that after carefully studying the past 10 years’ data, it is changing back to the practice before 2010. It is offering about 78 million acres in water from nine feet to more than 11,115 feet. 

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Associated Press

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