Central GOM Sale 208 Nets $690m

Tuesday, June 30, 2009

The Minerals Management Service (MMS) has accepted high bids valued at $690,163,194 and awarded 328 leases to the successful high bidders who participated in Central Gulf of Mexico Oil and Gas Lease Sale 208.  Funds from the total high bids will be distributed to the general fund of the U. S. Treasury, shared with the affected States, and set aside for special uses that benefit all fifty states.

The leases were awarded following the completion of an extensive, two-phase bid evaluation process to ensure that the Federal government receives a fair monetary return for the public mineral resources it makes available.

Seventy companies submitted 476 bids on 348 tracts in the sale, held March 18, 2009.  The total for high bids submitted on all tracts was $703,048,523.  Using the bid evaluation process, MMS rejected high bids totaling $12,673,983 on 19 tracts as insufficient for fair market value.

In addition, a successful high bidder forfeited the lease and the 1/5th bonus which was submitted with the bid.  As a result, $52,836.40 of the $264,182 bid on the forfeited tract has been collected.

Companies have 11 business days from the date they are notified by MMS that a bid is officially accepted to make full payment of the bonus.  MMS holds the 1/5th bonus paid in advance if full payment is not made or if a company declines the lease.

The highest bid accepted on a tract was $ 65,611,235 submitted by Shell Gulf of Mexico
Inc. for Mississippi Canyon, Block 721.  This tract is in deep water (2,620 - 5,240 feet or 800 - 1,600 meters) and received 2 bids.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1145 sec (9 req/sec)