Independents and deep water rule western Gulf of Mexico lease sale

09/03/2001
Click here to enlarge imageThe eastern reaches of the Garden Banks area drew the largest concentration of bids at the Aug. 22 sale of US federal oil and natural gas leases in the western Gulf of Mexico.Discoveries, developments, and infrastructure now dot the northeast portion of Garden Banks, and companies came to the sale to advance development and exploration aspirations there.Bidding by independent companies and deepwater potential dominated the sale, which drew $165.6 million in high bids for 320 tracts out of 4,114 offered.The 386 bids submitted by 50 participating companies totaled nearly $190 million, officials reported. It was the fourth largest federal lease sale in a decade, ...
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