OGJ Newsletter

12/04/2006
General Interest - Quick TakesFirms win MMS royalty in-kind oil contractsMore than 12.7 million bbl of crude oil and condensate from federal leases in the Gulf of Mexico was sold to six companies as part of a royalty in-kind (RIK) sale, the US Minerals Management Service said.Chevron Products Co., ConocoPhillips, ExxonMobil Corp., Plains Marketing, Sempra Energy, and Shell Trading Co. submitted winning bids. Most of the contracts were for 6 months, with one contract awarded for 12 months.“A record number of 14 companies submitted aggressive bids on the 34 packages offered,” compared with nine bids in an unrestricted RIK sale concluded in August, MMS Director Johnnie Burton sai...
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