Gulf of Mexico Sale 187 Attracts $148.7 Mln in High Bids
|Wednesday, August 20, 2003
The MMS said the Western Gulf of Mexico Lease Sale 187 held in New Orleans on Wednesday attracted $148,715,127 in high bids. Sixty-three companies participated in the sale, which offered 3,996 tracts comprising approximately 21.7 million acres offshore Texas, and Louisiana. The MMS received 405 bids on 335 tracts. The total of all bids was $258,716,307.
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.