Industry barely touches Gulf of Mexico leases

12/10/2012
Thirteen companies submitted bids for 116 of 3,873 blocks offered in the Nov. 28 Western Gulf of Mexico Lease Sale 229 in New Orleans. The federal government offered 20.75 million acres or all unleased areas in the Western Gulf of Mexico planning area, but the industry bid on slightly more than 3% of the area. Seventy of the tracts that drew bids are in 800 to 1,600 m of water, and another 35 are in 1,600 m of water or more. High bids totaled $133.7 million out of a total $157.6 million exposed. East Breaks Block 546 drew the sale's highest bid of $17.2 million by Chevron USA Inc. Second was Chevron's $12.5 million bid for East Breaks Block 545. Both tracts drew three bids, the most for a...
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