The Alaska Division of Oil & Gas reported receiving 43 bids from companies and investors hoping to secure state leases during the Cook Inlet and Alaska Peninsula oil and gas lease sales on May 7.
Preliminary results for the Cook Inlet sale area indicated the division received 40 bids from eight bidders on 35 tracts encompassing 114,203 acres. Winning bonus bids totaled $5,348,443.
For the Alaska Peninsula sale area, the division received three bids from two bidders on three tracts encompassing 10,280 acres. Winning bonus bids totaled $51,400.
The Cook Inlet lease sale area is divided into 815 tracts ranging in size from 100 to 5,760 acres, while the Alaska Peninsula lease sale area is divided into 1,047 tracts ranging in size from 1,280 to 5,760 acres (OGJ Online, Mar. 11, 2014).
Successful bidders will have the opportunity to explore and potentially develop leases for a 10-year term.
