Central Gulf of Mexico Sale 198 Attracts $978,310,887 in Bids


Central Gulf of Mexico - Lease Sale 198
(Click to Enlarge)
Near record oil and gas prices led to robust bidding in an offshore federal lease sale today. The Central Gulf of Mexico Lease Sale 198, garnered $588,309,791 in high bids from 82 companies for oil and natural gas leases in the Federal waters of the Gulf of Mexico. The total of all bids was $978,310,887. This represents a 38% increase over last year's Central Gulf Sale.

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.

Top 5 Companies with Most High Bids

Company Total High Bids Sum of High Bids
BP Exploration & Production Inc. 73 $22,276,118
BHP Billiton Petroleum Inc. 26 $7,661,284
Hunt Oil Company 23 $10,943,280
Dominion Exploration & Production Inc. 16 $41,417,099
Hydro Gulf of Mexico, L.L.C. 14 $20,117,740


Top 5 Companies with Highest Total Bid Amount
Company Total High Bids Sum of High Bids
Amerada Hess Corporation 13 $62,593,922
Woodside Energy (USA) Inc. 12 $47,162,990
Dominion Exploration & Production Inc. 16 $41,417,099
Newfield Exploration Company 6 $32,208,909
Samson Offshore Company 10 $27,109,326
Related Companies
 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)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
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 : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours