MMS Unveils Notice of Western Gulf Lease Sale 210
The Minerals Management Service (MMS) has scheduled the next oil and gas lease sale in the Gulf of Mexico. Western Gulf of Mexico Lease Sale 210 will be held in New Orleans on August 19, 2009.
The proposed lease sale encompasses about 3,400 unleased blocks covering approximately 18 million acres in the Western Gulf of Mexico Planning Area offshore Texas. The blocks are located from 9 to about 250 miles offshore in water depths of 16 to more than 10,975 feet (5 to 3,346 meters).
MMS estimates the proposed lease sale could result in the production of 242 to 423 million barrels of oil and 1.64 to 2.64 trillion cubic feet of natural gas.
To view the proposed terms and conditions for sale 210, including proposed initial periods, extensions of initial periods, minimum bonus bid amounts, rental rates, escalating rental rates for leases with an approved extension of the initial 5-year period, royalty rate, minimum royalty, and royalty suspension provisions, if any, applicable to this sale, go to the Proposed Notice of Sale posted on the MMS Web site at http://www.gomr.mms.gov.
These terms and conditions are proposed; they are not final. Different terms and conditions may be employed in the Final Notice of Sale which will be published at least 30 days before the Sale.