Kerr-McGee Oil & Gas Corp. had the largest total of high bids with $33.2 million for 36 tracts in the deepwater Gulf of Mexico. This puts them far in front of second place Coastal Oil & Gas, with high bids on 18 tracts for a total of $4.5 million. Kerr-McGee will operate 29 of the 36 blocks and have an 87% average working interest. Once bids are awarded by the U.S. Department of Minerals Management Service Kerr-McGee will hold interests in more than 500 blocks in the Gulf of Mexico, of which more than 275 blocks are in water depths greater than 1,000 feet. This will increase the company’s total leaseholdings in the Gulf of Mexico by 207,000 gross acres to more than 2.6 million gross acres.

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