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, Shell Help Lift Oil-Trading Profitability to 6-Year High (Oct 26)
 - Sources: BP Sells US Crude Oil to Thailand, Australia for First Time (Oct 26)
 - Industry Must Be 'Stimulating, Challenging' to Inspire Millennials (Oct 25)
 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 Sets 2020 For Start Of First Libra Oil Production System (Oct 27)
 - Petrobras Sets Up Minority Panel On Transfer of Rights Areas (Oct 24)
 - Petrobras Says Deep-Water Opening Luring Big Oil to Brazil (Oct 10)
 Company: Shellmore info

 - Shell Suspends Pacific Northwest Crude-By-Rail Project (Oct 7)
 - Norway Gas Plant Workers Agree Wage Deal, Avoid Strike (Oct 7)
 - Oil Industry Teams Up to Fight Cyber-Crime (Sep 29)
 Company: Chevron Corporationmore info
 - Chevron Confirms Is In Discussions For Potential Bangladesh Sale (Oct 13)
 - Kidnapped Romanian Oil Engineer in Niger Delta Released (Oct 13)
 - Jefferies: OPEC Output Cut Unlikely (Oct 11)
 Company: Hess Corporationmore info

 - Oil Producer Hess Reports Smaller-Than-Expected Loss (Oct 26)
 - Oil, Gas Companies Evacuate GOM Staff Ahead of Tropical Depression (Aug 30)
 - Malaysia's Perisai Gets 6 Months Charter Extension for FPSO Perisai Kamelia (Aug 22)
 Company: Cobalt Internationalmore info
 - Cobalt International Says Angola Oil Block Stake Sale Terminated (Aug 23)
 - Cobalt International Says Angola Stake Sale Off Track (Aug 2)
 - Cobalt International Energy to Cut 50 Houston Positions (Feb 22)
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.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours