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


 - Top BP Executive Warns OPEC Needs to Prolong Oil Output Curbs (Sep 25)
 - BP Restores Power At Thunder Horse Platform After Outage (Sep 20)
 - BP's Thunder Horse Platform Shut Temporarily On Power Issue (Sep 19)
 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 CEO Says Transfer Of Rights Talks Still Ongoing (Sep 20)
 - Petrobras To Sell $2 Billion In Bonds, Replace Costlier Debt (Sep 18)
 - Brazil Regulator Rejects Total Study On Drilling At Amazon River Basin (Aug 29)
 Company: Shellmore info


 - Canada Gas Set to Strike Back Against US Shale as Glut Eases (Sep 14)
 - Harvey's Wake Tempers Bullish Outlook for US Oil Output Growth (Sep 1)
 - Storm Harvey Opens Up Rare Jet Fuel Exports from Europe to US (Sep 1)
 Company: Chevron Corporationmore info
 - Sources: Chevron Drills Oil Well In Iraqi Kurdish Area After Two-Year Gap (Sep 20)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 - Chevron's Watson Said to Plan to Step Down, Journal Reports (Aug 22)
 Company: Hess Corporationmore info


 - Hess Slashes 2017 Capital Budget After Quarterly Loss (Jul 26)
 - Suriname Signs Offshore Oil Deals with Exxon, Hess and Statoil (Jul 14)
 - Hess To Sell Permian EOR Assets To Occidental For $600 Million (Jun 19)
 Company: Cobalt Internationalmore info
 - US Oil Firm Cobalt Files For Arbitration Against Angola For $2B (May 12)
 - US Firm Cobalt Threatens Arbitration Over Angolan Oil Assets (Apr 3)
 - Cobalt Encouraged by North Platte Appraisal Results (Jan 4)
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
United States Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
General Manager US
Expertise: Business Development|Executive|Technical Manager
Location: Houston, TX
 
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours