Gulf sale marked by lack of participants

08/30/1999
If no one at last week's western Gulf of Mexico offshore lease sale was surprised by the sale results, it is probably because not many expected much to happen. In fact, one would have to think back to the sales held in 1992-93 to see a sale with such a low turnout, noted the event's radio announcer. "Today just wasn't a red jacket day," he said, alluding to the red jackets typically worn to herald a robust sale.Of the 3,747 blocks on offer-which covered 19,850,624 acres-only 153 blocks, covering about 856,621 acres, received 177 bids. This compares with the 486 bids received on 402 tracts in the last western gulf sale, No. 171, said U.S. Minerals Management Service (OGJ, Aug. ...
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