Gulf Of Mexico Lease Sale 178 Results

The U. S. Minerals Management Service's sale of offshore oil and natural gas leases in the Gulf of Mexico attracted $505,468,501 in high bids from 90 companies.

Those 90 companies placed 780 bids on 547 tracts of the 4,390 tracts offered. These tracts were comprised of approximately 23.19 million acres offshore Alabama, Louisiana, and Mississippi. The total of all bids was $663,406,963.

The number of tracts bid on was about 60 percent higher than in the Central Gulf Sale No. 175 held in 2000. Last year’s sale netted $292,771,205 in high bids and received 469 bids from 63 companies on 344 blocks.

Bidding activity was very heavy in the shallow water; 338 tracts in less than 650 feet of water received 502 bids. This comprises 64 percent of the sale. The highest bid received on a block was $26,115,000, submitted by Exxon Asset Management Company for Mississippi Canyon Block 912. Approximately 9 percent of the tracts receiving bids are in ultra-deep water (more than 2,600 feet). The deepest tract bid on was Walker Ridge Block 146 in 7,759 feet of water.

The top ten high bidders in the sale are: Exxon Asset Management $89 million, Kerr-McGee Oil & Gas Corp. $59 million, Samedan Oil Corp. $40 million, Murphy Exploration & Production Co. $39 million, BP Exploration 7 Production, Inc. $36 million, Anadarko Petroleum Corp. $34 million, Dominion Exploration & Production $32 million, Spinnaker Exploration $32 million, Shell Offshore $28 million, and Chevron USA, Inc. $27 million.


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