Lackluster western gulf lease sale draws $102 million in bids

09/02/2013
The US Bureau of Ocean Energy Management’s western Gulf of Mexico Lease Sale 233 offshore Texas netted $102,351,712 in apparent high bids—less than the first two sales in the Obama administration’s Outer Continental Shelf oil and gas leasing program for 2012–17. Twelve offshore companies submitted 61 bids for 53 tracts covering 301,006 acres. Nearly 21 million acres were available for oil and natural gas exploration and development. The 5-year program makes available for exploration and development all of the offshore areas with the highest conventional resource potential that together include more than 75% of the nation’s undiscovered, technically recoverable offshore oil and gas resourc...
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