Western Gulf of Mexico lease sale yields $22.7 million in high bids

Offshore staff

NEW ORLEANS – The Western Gulf of Mexico Lease Sale 246 drew $22,675,212 in high bids for tracts on the US outer continental shelf offshore Texas, according to the Department of the Interior’s Bureau of Ocean Energy Management (BOEM).

A total of five offshore oil and gas companies submitted 33 bids on 33 tracts, covering about 190,080 acres.

“The Gulf remains a critical component of our nation’s energy portfolio and holds important energy resources that spur economic opportunities for Gulf producing states, creating jobs and home-grown energy and reducing our dependence on foreign oil,” said BOEM Director Abigail Ross Hopper.

Lease Sale 246, held Aug. 19, offered 4,083 unleased blocks, covering about 21.9 million acres, located from nine to 250 nautical miles offshore in water depths ranging from 16 to more than 10,975 ft (5 to 3,340 m).

Lease Sale 246 builds on the first seven sales held under the Obama Administration’s Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017 that offered more than 60 million acres for development, garnered $2.9 billion in bid revenues and awarded 1,038 leases. The five-year program makes available all offshore areas with the highest resource potential and includes 75% of the nation’s undiscovered, technically recoverable offshore oil and gas resources.

08/20/2015

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