OCS Sale 198 attracts $588.3 million in high bids

Near-record oil and gas prices led to robust bidding in Central Gulf of Mexico Lease Sale 198, which garnered $588.3 million in high bids from 82 companies, said the US Minerals Management Service. The total of all bids was $978.3 million, 38% higher than the bids submitted during the 2005 Central Gulf lease sale.In the Mar. 15 sale in New Orleans, MMS received 707 bids on 405 Outer Continental Shelf tracts. Water depths of the tracts ranged from less than 200 m to 2,613 m. The sale involved 4,040 blocks covering 21.3 million acres off Alabama, Louisiana, and Mississippi.MMS Director Johnnie Burton said the number of bids indicated the importance of the gulf, adding that bidders showed in...

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