Odyssey Marine Exploration Request for Offshore Mineral Lease Sale Advances
Odyssey Marine Exploration, Inc., a U.S.-based ocean exploration and marine resource development leader, received news that the Bureau of Ocean Energy Management’s (BOEM), a department of the U.S. Department of Interior (DOI), has initiated the formal review process for its unsolicited request for a potential marine mineral lease sale in federal waters offshore Virginia.BOEM’s action highlights the increasing federal focus on responsibly assessing domestic offshore mineral resources.
BOEM Initiates Process for Potential Mineral Lease Sale Offshore Virginia
To advance President Trump’s national strategy for securing America’s critical mineral supply, the Bureau of Ocean Energy Management has initiated the process for a potential mineral lease sale in federal waters off the coast of Virginia. This action—only the third of its kind in over three decades—marks a step toward unlocking the vast mineral potential of the U.S. Outer Continental Shelf and reinforcing the nation’s economic and strategic independence.BOEM oversees 3.2 billion acres of the Outer Continental Shelf, an offshore area that exceeds the size of the U.S. landmass.
US Announces Policy Changes to Accelerate Offshore Mineral Development
U.S. President Donald Trump's administration on Wednesday announced policy changes it said would speed up the search and development of offshore critical minerals.The Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement are updating policies across all stages of development to "reduce delays, improve coordination and provide greater certainty for industry", the U.S. Interior Department said in a statement.WHY IT'S IMPORTANTThe move is a part of the Trump administration's goal of reshaping a critical mineral industry dominated by China, the top U.S.
