BOEM awards nearly $111 million in leases from August OCS sale

The US Bureau of Ocean Energy Management reported the award of 81 leases totaling nearly $110.9 million from all apparent high bids in the Gulf of Mexico region-wide Lease Sale 249 on Aug. 17, 2017. The leases were issued after BOEM completed the required evaluation to make sure the public received fair market value for the tracts, BOEM said.

The US Bureau of Ocean Energy Management reported the award of 81 leases totaling nearly $110.9 million from all apparent high bids in the Gulf of Mexico region-wide Lease Sale 249 on Aug. 17, 2017. The leases were issued after BOEM completed the required evaluation to make sure the public received fair market value for the tracts, BOEM said.

Total E&P USA Inc. submitted the highest accepted bid, $12,100,717, for Garden Banks Block 1003, BOEM said.

It said that during the sale, 27 companies participated, and 99 bids were received totaling $137,006,181 on 90 tracts covering 508,096.16 acres. High bids totaling $121,143,055 were offered in the sale. BOEM said. Seven bids totaling $9,294,188 were rejected, and two others were withdrawn, it noted. More detailed information is available on BOEM's web site.

Contact Nick Snow at nicks@pennwell.com.

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