Interest Declining In Offshore Acreage Leases
August 24, 1999
Preliminary results of the latest government sale of offshore oil and natural gas exploration acreage leases in the U.S. Gulf of Mexico show a decline in oil company interest in the properties, according to the U.S. Mineral Management Service.
The declining interest could be explained, at least in part, by the fact that a lot of inventory from past sales is unexplored and undeveloped, and companies are now focusing on developing those properties before acquiring more acreage, an MMS spokesman said.
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