Home / News / Western Gulf of Mexico lease sale attracts more than $487 million in high bids

The Western Gulf of Mexico Lease Sale 207, held 20 August 2008 by the US Interior Department, attracted more than $487 million in high bids, with ExxonMobil being the top bidder – 130 high bids at $127.33 million. A total of 53 companies submitted 423 bids comprising over 1.8 million acres offshore Texas. The sum of all bids received was more than $607 million.

Approximately 17% of the tracts receiving bids are in ultra-deep water (more than 1,600 m). The deepest tract bid on is Alaminos Canyon, Block 783, in 2,977 m of water. The highest bid received on a tract was $61 million, submitted by Statoil Gulf of Mexico for Alaminos Canyon, Block 380. The company submitted a total of $87.35 million for five bids.

Western Gulf of Mexico lease sale attracts more than $487 million in high bids

According to the Minerals Management Service (MMS), other high bidders include independent Llog Exploration Offshore ($23.17 million), Shell Gulf of Mexico ($20.2 million), Anadarko E&P ($14.8 million), Hess Corp ($14.16 million), Eni Petroleum ($11.13 million), ConocoPhillips ($10.5 million) and Devon Energy ($6.67 million).

“In the midst of the national discussion about energy production, the activity at today’s sale signals that the offshore oil and gas industry is serious about developing our Nation’s resources,” said US Secretary of the Interior Dirk Kempthorne.

Each high bid on a tract will go through an evaluation process within MMS to ensure the public receives fair market value before a lease is awarded.

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