Interest Declining In Offshore Acreage Leases

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.