MMS schedules April lease sale in central gulf

04/08/1996
The U.S. Minerals Management Service has issued a final notice for Central Gulf of Mexico Sale 157, scheduled Apr. 24 at the Hyatt Regency Hotel in New Orleans. MMS also issued an interim rule for deepwater royalty relief. Cynthia Quarterman, MMS director, said Sale 157 will be the first in which tracts in 200 m of water or deeper will be eligible for consideration under provisions of the new Deep Water Royalty Relief Act. The law allows MMS to suspend royalties on leases in 200 m of water or deeper in the central and western gulf if discoveries are deemed noncommercial at standard royalty rates. Sale 157 will cover 5,649 blocks totaling 30.3 million acres, 3-200 miles from shore ...
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