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

Offshore

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

GAC Starts Hull Cleaning Op'ns in Oman

GAC EnvironHull hull cleaning operations using the brush-and-diver-free HullWiper system starting at the port of Sohar, just outside the Gulf of Hormuz. This

Cruise Ship Trends

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

Partnerships Key to Caribbean Maritime Security

Planning and execution of port and maritime safety and security in Caribbean region is all about partnerships Maritime security and safety experts are meeting in Nassau,

Eurodam Tops in USPH Inspections

Holland America Line’s ms Eurodam achieved a perfect score of 100 on a recent routine United States Public Health (USPH) inspection conducted by the U.S. Centers for Disease Control and Prevention.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Sonar
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: 0.1038 sec (10 req/sec)