Western gulf sale generates less money for more tracts

Interests were almost evenly divided between shallow and deep waters at the federal oil and natural gas Lease Sale 184 held last week in New Orleans, which drew apparent high bids of $151.3 million out of a total $181.6 million bid by 44 participating companies on 323 of the 4,102 tracts offered in the western Gulf of Mexico.That's down from the previous sale in that same area a year ago, which drew $165.6 million in high bids for 320 tracts (OGJ Online, Aug. 22, 2001). Nearly $190 million total was bid by 50 participating companies in that earlier sale, which at the time was the fourth largest federal lease sale in a decade in terms of the number of leases that drew bids.Still, as on...

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