W&T Offshore Inc., Houston, is the apparent high bidder on two blocks in the Gulf of Mexico Lease Sale 257 held by the Bureau of Ocean Energy Management on Nov. 17 (OGJ Online, Nov. 17, 2021).
The operator was the apparent high bidder on two shallow water blocks, Eugene Island South Addition block 385 and Ship Shoal South Addition block 360. These two blocks cover a total of about 10,000 gross acres.
If awarded, W&T Offshore will pay about $295,000 in total for the awarded leases combined, which reflect a 100% working interest in the acreage.
The blocks have a lease term of 5 years and a 12.5% royalty.
BOEM reserves the right not to award the blocks based on minimum bidding criteria. W&T expects to receive the final award results over the next 90 days.