AP NEWS

Gulf lease bids hit $244M, 37 percent more than August sale

March 21, 2019

NEW ORLEANS (AP) — Oil and gas companies made $244.3 million in high bids for federal leases in the Gulf of Mexico, about 37 percent above what the last gulf-wide sale generated in August and nearly twice as much as a sale a year ago.

The Advocate reports the Bureau of Ocean Energy Management said 30 companies bid on 227 tracts Wednesday, covering 1.26 million acres (404685 hectares). More than 78 million acres (31565480ha) were available, with 1.6 percent attracting bids.

There were $115.1 million in high bids for blocks more than a mile (1.6 kilometers) deep and $113.8 million for waters between half a mile and a mile deep.

Equinor Gulf of Mexico LLC’s $24.5 million was the highest single bid.

Shell Offshore Inc. had 87 high bids for a total $84.8 million.

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Information from: The Advocate, http://theadvocate.com

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