Western Gulf of Mexico Sale 200 Nets $331,950,865 in High Bids

The Minerals Management Service (MMS) has accepted high bids valued at $ 331,950,865 and awarded 371 leases to the successful high bidders who participated in Western Gulf of Mexico Oil and Gas Lease Sale 200. Funds from the total high bids will be distributed to the general fund of the U. S. Treasury, shared with the affected States, and set aside for special uses that benefit all fifty states.

The leases were awarded following the completion of 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.

A total of 381 tracts in the Western Gulf of Mexico received bids at Lease Sale 200 held August 16, 2006. Sixty-two companies submitted 561 bids with a total for high bids on all 381 tracts of $340,935,514. Using the two-phase bid evaluation process, MMS rejected high bids totaling $8,984,649 on ten tracts as insufficient for fair market value. MMS accepted high bids totaling $331,950,865 on 371 tracts.

The highest bid accepted on a tract was $21,011,812, made by BP Exploration & Production Inc. for Keathley Canyon Block 58. This tract is in deep water (800- <1600 m) and received four bids. The second highest accepted bid is $12,800,111 on Keathley Canyon Block 59 by Petrobas America Inc. and is in deep water (800- <1600m). The third highest accepted bid is $10,800,111 on Keathley Canyon Block 147 by Petrobas America Inc. in deep water (800 - <1600 m).

The top five companies with the highest number of accepted high bids for Sale 200 are the following:

Company Total High Bids Sum Accepted High Bids
Petrobras America Inc. 34 $45,483,774
Hess Corporation 30 $16,804,661
BP Exploration & Production Inc. 29 $35,696,172
Shell Offshore Inc. 25 $31,824,425
Kerr-McGee Oil & Gas Corporation 25 $15,390,478

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

Company Num. Accepted High Bids Sum Accepted High Bids
Petrobras America Inc. 34 $45,483,774
BP Exploration & Production Inc. 29 $35,696,172
Shell Offsore Inc. 25 $31,824,425
Cobalt International Energy, L.P. 24 $33,125,180
Chevron U.S.A. Inc. 18 $25,804,466
Related Companies
 Company: BP plcmore info


 - BP Makes Third Gas Discovery In Egypt's North Damietta Concession (Mar 26)
 - Unite Expresses Concern Over Possible Forties Pipeline System Sale (Mar 17)
 - BP Appoints New Heads Of Production, Drilling As Output Set To Jump (Mar 16)
 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


 - Petrobras Board Extends CEO Parente's Term Until March 2019 (Mar 27)
 - Petrobras Raises Asset Sale Goal To $21B For 2017-2018 Period (Mar 22)
 - Petrobras Resorts To Top Court To Free Divestment Plan (Mar 17)
 Company: Shellmore info


 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Southern North Sea Special Interest Group Launched (Nov 21)
 Company: Chevron Corporationmore info
 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - China's Sinopec Buys First Major African Refinery In Chevron Deal (Mar 22)
 - Oil Giants Upending Shale Turf Where Wildcat Drillers Once Ruled (Mar 21)
 Company: Hess Corporationmore info


 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - Oil, Gas Firms Make Global 100 Most Sustainable Corporations List (Jan 19)
 - Hess To Spend More On Exploration And Production This Year (Jan 12)
 Company: Cobalt Internationalmore info
 - Cobalt Encouraged by North Platte Appraisal Results (Jan 4)
 - Cobalt International Says Angola Oil Block Stake Sale Terminated (Aug 23)
 - Cobalt International Says Angola Stake Sale Off Track (Aug 2)
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
Sales Manager - Safety Relief Valves
Expertise: Business Development|Sales
Location: Houston, TX
 
Staff Auditor 2
Expertise: Business Analyst|Risk Management
Location: TX
 
United States Conroe: Product Champion
Expertise: Business Development|Marketing|Sales
Location: Conroe, TX
 
search for more jobs

Brent Crude Oil : $51.33/BBL 1.14%
Light Crude Oil : $48.37/BBL 1.34%
Natural Gas : $3.1/MMBtu 1.63%
Updated in last 24 hours