Western Gulf of Mexico Lease Sale 174 Attracts $94.6 Million in High Bids

Friday, September 24, 1999
A Federal offshore natural gas and oil lease sale in the Western Gulf of Mexico received $94.7 million in high bids. The U.S. Department of the Interior's Minerals Management Service (MMS) received 177 bids totaling $104.2 million at the sale held in New Orleans. The 41 participating companies bid on 153 tracts in the Western Gulf of Mexico, offshore Texas and in deeper waters offshore Louisiana. "The results of the sale are about what we expected," said MMS Gulf of Mexico Regional Director Chris Oynes. "It is reflective of the large inventory of tracts already under lease. This sale was dominated by the independents, Kerr-McGee Oil & Gas Corporation, Coastal Oil & Gas, and Spinnaker Exploration Company in particular." MMS officials said 86 tracts receiving bids are in water depths of 656 ft. or more. The highest bid on a tract was $11.3 million, submitted by Kerr-McGee Oil & Gas Corporation for NG15-02 Garden Banks 877. Each tract is about nine square miles. The highest bid on each tract will go through an evaluation process to ensure the American taxpayer receives fair market value. Unocal Corporation's Spirit Energy 76 unit was the apparent successful high bidder for interests in 15 lease blocks in the western Gulf of Mexico, including 7 deepwater blocks and 8 shelf blocks, in the sale. Spirit Energy had apparent high bids amounting to $8.8 million. The acquisition of these new blocks would increase Spirit's Gulf of Mexico exploratory portfolio to more than 300 blocks. Of that, nearly 220 are located in deep water; 85 are on the shelf.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

DNV GL’s Arctic Map Shows Complex Risk Picture

The world’s need for energy is driving interest in further industrial activity in the Arctic, yet the region’s conditions are highly variable depending on the type of activity,

OP/ED: The State of Piracy

Piracy’s gone away, right? You’d be forgiven for thinking that.   The predominant narrative for the Indian Ocean is that Piracy has been suppressed to an extent

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1199 sec (8 req/sec)