MMS Nets $297.5 Million in High Bids from Lease Sale 185

The U. S Department of the Interior's Minerals Management Service (MMS) has completed the two-phase bid evaluation process for Lease Sale 185. The sale was held on March 19, 2003.

Of the 561 tracts receiving bids, MMS rejected 16 high bids totaling $17,933,064 as insufficient for fair market value. MMS accepted the high bids on 545 tracts for a net amount of $297,598,165.

The highest bid accepted on a tract was $8,216,885 by Hunt Petroleum (AEC) Inc.-Cheyenne International Corp., and Energy Partners, Ltd. for South Marsh Island, South Addition Block 109. This top bid of the sale was in 0-199 meter water depth and received 3 bids. The second and third highest bids accepted were for $7,350,000 and $7,076,000 by Union Oil Company of California, Kerr-McGee Oil & Gas Corporation, and Ocean Energy, Inc. on Green Canyon Blocks 320 and 364 in 800-1,599 meter water depth.

This sale indicates the continued strong showing of both major and independent oil and gas companies participating in the Gulf.

The top five companies participating in the highest number of accepted high bids for Sale 185 are:

Company Tracts Sum of Accepted High Bids
Kerr-McGee Oil & Gas Corporation 63 $28,195,761
Newfield Exploration Company 49 $11,763,470
BHP Billiton Petroleum (Deepwater) Inc. 49 $ 9,605,538
Chevron U.S.A. Inc. 38 $ 9,321,717
Magnum Hunter Production, Inc. 38 $ 7,701,448

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

Company Tracts Sum of Accepted High Bids
Kerr-McGee Oil & Gas Corporation 63 $28,195,761
Murphy Exploration & Production Co. 35 $21,540,463
Union Oil Company of California 27 $18,709,956
Dominion Exploration & Production 12 $14,310,657
Newfield Exploration Company 49 $11,763,470
Related Companies
 Company: BHP Billitonmore info

 - GTI, BHP Billiton Partner on Permian Fracturing Test (Oct 26)
 - BLOG: Challenging Attitudes toward Sexuality in Oil, Gas (Oct 25)
 - BHP Chairman Steps Down After Samarco Delayed Retirement (Oct 20)
 Company: Dominion Exploration and Productionmore info
 - Dominion Hub III Project Seeking Binding Precedent (Jan 8)
 - 2007 Mr. Spindletop Retires: Dominion Bids Farewell to Radtke (Jan 4)
 - Dominion Closes Sale on its E&P Mid-Continent Properties (Aug 31)
 Company: Kerr-McGee Corp.more info
 - Synergy Resources Approved as O&G Operator in Colorado (May 13)
 - Anardarko Is Winner in U.S. Royalty Case (Jan 13)
 - U.S. Official Estimates $31B At Stake in Kerr-McGee Case (Feb 26)
 Company: Magnum Hunter Resourcesmore info
 - Shale's Running Out of Survival Tricks as OPEC Ramps Up Pressure (Dec 28)
 - Magnum Hunter Latest Oil Producer To Seek Bankruptcy (Dec 15)
 - Drillsearch Raises Stake in Takeover Target Ambassador Oil & Gas to 60.13% (Aug 27)
 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: Newfield Exploration Companymore info
 - Newfield CEO Sees Cautious Approach on Big Oklahoma Oil Find (Oct 17)
 - E&P Companies Target Potential of STACK, SCOOP Plays (Aug 25)
 - Lost Generation Of Oil Workers Leaves Few Options For Next Boom (Jul 7)
 Company: UNOCALmore info
 - Brenham Inks PSC Agreement for Equatorial Guinea Block (Dec 20)
 - PetroChina Is Set to Go It Alone (May 26)
 - KBR Scores Major FEED Contract for Chirag Oil Project in Caspian Sea (Mar 23)
 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: Murphy Oil Corporationmore info

 - Fire at Mississippi gas plant halts US Gulf Coast platforms (Jun 28)
 - PBJV Clinches Contract from Murphy for Work Offshore Malaysia (Jun 14)
 - Canada's Ever-Shrinking Oil Industry Braces for More Job Cuts (Apr 4)

Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours