U.S. Minerals Management Service predicts the Mar. 17 Central Gulf of Mexico lease sale in New Orleans will be smaller than in previous years.
MMS Deputy Director Tom Kitsos said, "We understand that the fall in world oil prices has affected the capital available for exploration and production in the U.S., and we anticipate a reduction in both the level of bidding and the number of companies participating in this upcoming lease sale."
Sale No. 172 will offer 3,807 blocks encompassing about 20.37 million acres off Louisiana, Mississippi, and Alabama. Blocks are 3-200 miles offshore in water depths from 4 m to more than 3,425 m. Kitsos said, "This is th...