The sale, held today in New Orleans, was conducted by the Minerals Management Service. In Sale 198 the agency received 707 bids on 405 tracts. Johnnie Burton, Director of the Minerals Management Service, spoke briefly at the sale. "The Department is committed to working with all interested parties to enhance energy development in an environmentally responsible manner in available areas of the Gulf," she said.
In this sale, 4040 blocks comprising approximately 21.3 million acres offshore Alabama, Louisiana, and Mississippi were offered.
While interest in deep water production continues, the large number of tracts receiving bids in shallow water is of particular note, indicating industry interest in deep gas in shallow waters, as well as deep water oil and gas production.
Amerada Hess Corporation submitted the highest bid on Green Canyon Block 287 for $42,789,994. Newfield Exploration Company and Anadarko Petroleum Corporation submitted the second highest bid on Green Canyon Block 551 for $33,989,760.
Each of the high bids on a block will go through an evaluation process to ensure the public receives fair market value before a lease is awarded.
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