MMS accepts $581 million in bids for GoM Lease Sale 198
Offshore
Offshore staff
The Minerals Management Service says it accepted high bids of $581,820,861 and awarded 392 leases to the successful bidders in Oil and Gas Lease Sale 198.
"Sale 198 indicates the continued strong interest of major and independent oil and gas companies in the Gulf," said Gulf of Mexico Acting Regional Director Chuck Schoennagel.
"The results of the sale also indicate a continuing interest in shallow-water areas, with 47 percent of the tracts receiving bids in less than 200 meters of water and 53 percent of the tracts receiving bids in greater than 200 meters of water."
The highest bid accepted on a tract was $42,789,994, made by Amerada Hess Corp. for Green Canyon Block 287. This tract is in deep water (800-1,600m) and received 8 bids.
The second highest accepted bid is $33,989,760 on Green Canyon Block 551 by Anadarko Petroleum Corp. and Newfield Exploration Co., and is also in deep water (800-1,600m).
The third highest accepted bid is $26,601,201 on Green Canyon Block 452 by Woodside Energy (USA) Inc. in deep water (800-1,600m).
Counting all bids, 82 companies submitted 707 bids totaling $978,310,887 on 405 tracts. Not all of the were accepted.
6/13/06
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