MMS extends lease sale evaluation period
Offshore staff
NEW ORLEANS -- The Minerals Management Service (MMS) has extended the post-sale evaluation period for bids received in its oil and gas lease sale held in March by 30 days.
Central Gulf of Mexico Sale 206 held on March 19, 2008, attracted $3,677,688,245 in high bids. MMS received 1,057 bids on 615 tracts, with 513 of those tracts requiring additional detailed evaluations.
The high number of bids received on a large number of tracts, and the substantial volume of recently processed and reprocessed seismic data identified, significantly increased the workload for reviewing the adequacy of bids, and made it necessary to allow more time for MMS geoscientists and engineers to gather, interpret, and evaluate these enhanced data, MMS says.
"Although MMS normally conducts and completes the bid review process within 90 days of the bid reading, it is not unusual to extend the evaluation period when there is a large number of tracts with an extensive volume of information to assess," says Lars Herbst, MMS Gulf of Mexico regional director.
MMS will complete evaluating all the bids received in this sale by July 17, 2008.
05/28/2008