Western Gulf of Mexico Sale 196 Nets $283,441,874 in High Bids

The Minerals Management Service has accepted the high bids on 342 of 346 tracts offered during offshore Oil and Gas Lease Sale 196, held August 17, 2005. Prior to accepting the high bids, which totaled $285,192,865, MMS completed an extensive, two-phase bid evaluation process to ensure that the Federal Government receives a fair monetary return for the public mineral resources it makes available.

Of the 346 tracts receiving bids during the sale, MMS rejected 4 high bids totaling $1,750,991 as insufficient for fair market value. MMS accepted the high bids on 342 tracts for a net amount of $283,441,874.

The monies collected are distributed to the general fund of the U.S. Treasury, shared with the affected States, and set aside for special uses that benefit all 50 states.

The highest bid accepted on a tract was $26,500,000 by LLOG Exploration Offshore, Inc. for High Island Block 156. This tract is located in water depths of 0-<200 meters and received 1 bid. The second and third highest bids accepted were $21,600,000 by LLOG Exploration Offshore Inc. on High Island Block 139 in water depths of 0-<200 meters, and $19,334,351 by Eni Petroleum Exploration Co. Inc. on Keathley Canyon Block 1008, which is in water depths of more than 2,000 meters deep.

This sale indicates the continued strong interest of major and independent oil and gas companies in the Gulf. The results of the sale also indicate a continuing interest in shallow-water areas.

The top five companies participating in the highest number of accepted high bids for Sale 196 are the following:

Company Number of Accepted High Bids Sum of Accepted High Bids
Petrobras America Inc. 53 $30,122,505
BP Exploration & Production Inc. 39 $13,669,349
Shell Offshore Inc. 30 $12,786,240
Anadarko Petroleum Corporation 20 $28,007,460
Chevron U.S.A. Inc. 17 $ 6,609,115

The top five companies with the highest total bonus accepted are the following:

Company Number of Accepted High Bids Sum of Accepted High Bids
Petrobras America Inc. 53 $30,122,505
Anadarko Petroleum Corporation 20 $28,007,460
BP Exploration & Production Inc. 39 $13,669,349
Shell Offshore Inc. 30 $12,786,240
Spinnaker Exploration Company, L.L.C. 16 $10,355,957
Related Companies
 Company: BP plcmore info


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Total, BP Unit, YPF Boost Investment in Argentina's Vaca Muerta (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Minerals Management Service (MMS)more info
 - Obama Names New Head of MMS (Jun 15)
 - Abbey Implements New Drilling Requirements (Jun 7)
 - MMS Chief Resigns (May 27)
 Company: Petrobrasmore info


 - Brazil Mulls Easing Local Content Rules in Older Oil Contracts (Jul 18)
 - Brazil Reverses Preliminary Decision On Petrobras Hedge Accounting (Jul 12)
 - Petrobras Revives Plan for IPO of Fuel Distribution Unit (Jun 23)
 Company: Shellmore info


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Top Oil Market Summons Poseidon to US-Mideast Crude Fight (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Anadarko Petroleummore info
 - Blast Backlash Hangs Over Drillers as 'Fractivists' Seek Limits (Jun 13)
 - Colorado Oil Tank Fire Kills One, Injures Three (May 26)
 - Anadarko Petroleum Posts Bigger-Than-Expected Loss As Costs Rise (May 2)
 Company: Chevron Corporationmore info
 - Mexico Delays Next Oil Auction to Let Huge New Find Sink In (Jul 17)
 - White House Is Said to Be Unlikely to Restrict Venezuelan Crude (Jul 7)
 - Oil Producers' Cost-Cutting Swept Away by New Price Decline (Jun 30)
 Company: Spinnaker Explorationmore info
 - Deepwater Keeps Gulf Strong (Mar 21)
 - Western Gulf of Mexico Sale 196 Nets $283,441,874 in High Bids (Jan 6)
 - Norsk Hydro Strengthens Upstream Focus (Dec 15)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
 
Site Manager / Project Manager Fuels
Expertise: Project Management
Location: Kennesaw, GA
 
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours