Western GoM Sale 187 attracts $148.7 million in high bids

Aug. 22, 2003
The US Department of the Interior's Minerals Management Service held a lease sale in New Orleans of offshore oil and natural gas leases in the Gulf of Mexico, attracting $148.7 million in high bids. Sixty-three companies participated in Lease Sale 187, which offered 3,996 tracts comprising 21.7 million acres offshore Texas and Louisiana.

The US Department of the Interior's Minerals Management Service held a lease sale in New Orleans of offshore oil and natural gas leases in the Gulf of Mexico, attracting $148.7 million in high bids. Sixty-three companies participated in Lease Sale 187, which offered 3,996 tracts comprising 21.7 million acres offshore Texas and Louisiana. The MMS received 407 bids on 335 tracts. The total of all bids was $258.7 million.

The highest bid received on a block was $22.6 million submitted by LLOG Exploration Offshore Inc. for High Island block 170. Fifty-four percent of the tracts receiving bids are in ultra-deepwater. The deepest tract bid on was Alaminos Canyon block 945, in 2,510 m of water.

The MMS will evaluate the bids for fair value before formally awarding the leases.

08/22/03