GOM Lease Sales Up 38%

Thursday, March 16, 2006
Near record oil and gas prices led to robust bidding in an offshore federal lease sale today. The Central Gulf of Mexico Lease Sale 198, garnered $588,309,791 in high bids from 82 companies for oil and natural gas leases in the Federal waters of the Gulf of Mexico. The total of all bids was $978,310,887. This represents a 38% increase over last years Central Gulf Sale.

The sale, held March 15 in New Orleans, was conducted by the Minerals Management Service. In Sale 198 the agency received 707 bids on 405 tracts. Johnnie Burton, Director of the Minerals Management Service, spoke briefly at the sale. “The Department is committed to working with all interested parties to enhance energy development in an environmentally responsible manner in available areas of the Gulf,” she said.

In this sale, 4040 blocks comprising approximately 21.3 million acres offshore Alabama, Louisiana, and Mississippi were offered.

While interest in deep water production continues, the large number of tracts receiving bids in shallow water is of particular note, indicating industry interest in deep gas in shallow waters, as well as deep water oil and gas production.

Amerada Hess Corporation submitted the highest bid on Green Canyon Block 287 for $42,789,994. Newfield Exploration Company and Anadarko Petroleum Corporation submitted the second highest bid on Green Canyon Block 551 for $33,989,760.

Each of the high bids on a block will go through an evaluation process to ensure the public receives fair market value before a lease is awarded.

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

Offshore

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

1st lifejacket for Working at heights

The first lifejacket custom-designed specifically for offshore personnel carrying out rope access or work at height has been developed by Survitec Group, the

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

Cruise Ship Trends

'Harmony of the Seas' to be World's Largest Cruise Ship

Royal Caribbean International will outdo itself again when it launches MV Harmony of the Seas in April 2016 which shall officially become the world’s largest cruise ship.

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

Drowning at Castaway Cay

Police are investigating the apparent drowning of an American cruise ship passenger off at Disney’s private island in the Bahamas - Castaway Cay in the Abacos.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators 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: 0.1139 sec (9 req/sec)