MMS lease sale attracts $145 million in bids

The Minerals Management Service’s Western Gulf of Mexico Oil and Gas Lease Sale 210 has attracted $145,186,365 in high bids.

Offshore staff

NEW ORLEANS -- The Minerals Management Service’s Western Gulf of Mexico Oil and Gas Lease Sale 210 has attracted $145,186,365 in high bids. MMS collected 189 bids on 162 outer continental shelf tracts from 27 companies. The sale offered 3,435 parcels, encompassing 18.4 million acres

BP Exploration & Production made the highest bid with a $28,133,843 offer for Keathley Canyon block 96. The company submitted the highest total of high bids – 37, and the highest sum of high bids - $50,634,191. The block in the deepest water depth to get a bid was Keathley Canyon block 983 in 3,220 m (10,564 ft) of water. About 80% of the blocks bid on are in water depths greater than 400 m (1,312 ft), and almost 75% of the blocks bid on have a 10-year lease term.

“The responsible development of oil and gas resources on US public lands is an integral part of President Obama’s comprehensive energy strategy for the nation,” says Ken Salazar, secretary of the Interior. “A domestic energy plan that balances the development of conventional and renewable energy resources – both onshore and offshore – is essential to reducing our country’s dependence on foreign oil, building a clean-energy economy, and addressing the challenges of climate change.”

MMS will evaluate the high bids for fair market value before a lease is awarded.

08/19/2009

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