The highest bid received on a block was $22,600,000 submitted by LLOG Exploration Offshore, Inc. for High Island block 170.
Approximately 54 percent of the tracts receiving bids are in ultra-deep water (more than 800 meters). The deepest tract bid on was Alaminos Canyon Block 945, in 2,510 meters of water.
The high bid on a block will go through an evaluation process to ensure the public receives market value before a lease is awarded.
It is estimated this sale may result in the production of up to 260 million barrels of oil and around 1 trillion cubic feet of natural gas. That amount of gas could supply the equivalent of 1-year worth of natural gas for about 18 million homes.
The lease sale is the 100th offshore oil and gas lease sale conducted in the Gulf of Mexico.
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