Industry depression dampens Gulf of Mexico lease sale

03/22/1999
Steven Poruban Staff Writer Speculation that the Central Gulf of Mexico Lease Sale No. 172 would be a small one was substantiated last week when the results of the latest U.S. Minerals Management Service sale were announced. Of the 3,806 blocks on offer, only 207 received bids. This compares with 794 blocks of 4,180 on offer in central Gulf Sale No. 169 (OGJ, Mar. 23, 1998, p. 32). Low oil prices and the resulting industry depression are thought responsible for the poor showing. Operators are apparently conserving their cash for exploration and development work on blocks they already own, rather than on procuring new blocks. Sale statistics Central Gulf Sale ...
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