Industry bids $1.2 billion for 4.4% of acres offered in central gulf lease sale

04/01/2013
A total high bonus of $1.2 billion at Central Gulf of Mexico Lease Sale 227 masked the fact that oil and gas companies made only 407 bids on 320 of the 7,299 blocks offered. Only 58 blocks drew more than a single bid, the US Bureau of Ocean Energy Management revealed in sale statistics. The 52 participating companies lodged 131 bids for blocks in greater than 1,600 m of water, 78 bids for tracts in 800-1,600 m of water, and 85 bids for blocks in less than 200 m of water. Blocks totaling 1.7 million acres off Louisiana, Mississippi, and Alabama drew bids even though the government offered 38.6 million acres. No block drew more than six bids. Apparent high bidders Shell Offshore Inc. bid hi...
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