H.R. 2673: Florida Coastal Protection Act

This bill, known as the Florida Coastal Protection Act, aims to amend the Outer Continental Shelf Lands Act with a focus on protecting certain areas off the coast of Florida from oil and natural gas exploration, development, and production. Specifically, it prohibits any leasing or authorization for such activities in three designated areas:

Prohibited Areas

• The Eastern Gulf of Mexico, as referenced in section 104(a) of the Gulf of Mexico Energy Security Act of 2006.
• The southern portion of the South Atlantic Planning Area, specifically south of 30 degrees 43 minutes North Latitude, as outlined in the 2024–2029 National Outer Continental Shelf Oil and Gas Leasing Proposed Final Program from September 2023.
• The Straits of Florida Planning Area, as similarly depicted in the 2024–2029 National Outer Continental Shelf Oil and Gas Leasing Proposed Final Program.

The bill is designed to prevent further oil and gas development in these regions, which may be driven by concerns over environmental protection, tourism, and local economies dependent on coastal health. However, it clarifies that any rights related to leases that were already issued prior to the enactment of this bill would remain unaffected.

Implications

By prohibiting oil and natural gas activities in specified areas, the bill seeks to safeguard marine ecosystems, fishing industries, and recreational areas that are vital to Florida's economy and environment. It reflects a growing legislative focus on balancing energy exploration with environmental conservation.

Relevant Companies

• CVX - Chevron Corporation: As a major player in oil and gas exploration, Chevron may be impacted by restrictions on new leasing opportunities in the Gulf of Mexico and surrounding areas.
• XOM - Exxon Mobil Corporation: Another significant oil and gas company that could see its exploration efforts curtailed in the designated regions affected by the bill.
• APA - Apache Corporation: This company operates in oil exploration and could be directly impacted by the restrictions on exploration and production in the affected areas.