Region-Wide Gulf of Mexico Lease Sale Draws $159.4 Million in High Bids
https://gcaptain.com/region-wide-gulf-of-mexico-lease-sale-draws-159-4-million-in-high-bids/ A major auction of oil and gas leases in the U.S. Gulf of Mexico on Wednesday received $159.4 million in high bids, government officials said.
Combined with a March auction that drew $244.3 million in high bids, the total was the highest annual bid level since 2015, officials from the Bureau of Ocean Energy Management said in a conference call with reporters following the sale.
The auction offered 77.9 million acres (31.5 million hectares), of which 835,006 acres received bids, according to preliminary data from the BOEM. Of the 151 tracts that received bids, 117 were in water more than 800 meters (2,625 ft) deep....
...Most bids centered around existing infrastructure where oil companies could place relatively inexpensive tie-backs to drilling platforms that are already in place. Companies also placed bids on more prospective acreage in the East Breaks and Lloyd Ridge formations, said Mike Celata, Director, BOEM New Orleans Office....
