Billions in Bids Opened For Offshore Oil And Gas Tracts

Monday, October 08, 2007
A total of $2.9b in high bids were opened recently at a sale of federal offshore oil and gas leases in the central Gulf of Mexico. Officials say it was the second largest such sale for central Gulf tracts. Seventy-three companies are competing for the tracts. In all there were 1,428 bids on 723 tracts. The bids were opened by the US Minerals Management Service, which manages the leases. Many of the tracts receiving bids were in ultra-deep water, or in depths of 800 meters or greater. Development of such leases can take hundreds of millions of dollars in investments and take years to bring into production. Also drawing continued interest were tracts of 200 meters or less on the shallow Gulf shelf. They are considered prime ground for the development of natural gas deposits deep in the earth. The central Gulf sale has been generally held in March. This year's sale was delayed by a dispute between Louisiana Gov. Kathleen Blanco and the federal Interior Department over the state's share of offshore royalties. In December 2006, Congress agreed to send Louisiana about $13b expected over the first 30 years for storm protection, flood control and coastal restoration projects. [Source:]

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

New Appointments at Becker Marine Systems USA

Becker Marine Systems USA continues growth in North America. Becker Marine Systems, the leader in rudder technology and the inventor of the Becker Mewis Duct

DP World, SCA Pact for Ain Sokhna Port Development

Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport,


Sandra Weakens to Tropical Storm off Mexico's Coast

Hurricane Sandra weakened to a tropical storm on Friday and was expected to continue losing strength as it approached Mexico's Pacific coast, the U.S. National Hurricane Center (NHC) said.

Extended Warranty from Yanmar for Sailboat Engines

Yanmar Marine International B.V. has introduced an extended 3 years’ period of YANMAR Limited Warranty for Sailboat Engine Models. This extended warranty of

Fugro's Havila Harmony to join MH370 Search

Fugro is providing an additional vessel, the Havila Harmony, to join the search for the missing flight MH370 in the southern Indian Ocean. From the 93-metre multi-role vessel,

Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0909 sec (11 req/sec)