Western Gulf of Mexico lease sale high bids total more than $109 million

Western Gulf of Mexico Lease Sale 238 attracted $109,951,644 million in high bids for 81 tracts covering 433,823 acres on the US outer continental shelf. A total of 14 offshore oil and gas companies submitted 93 bids.

Offshore staff

NEW ORLEANS– Western Gulf of Mexico Lease Sale 238 attracted $109,951,644 million in high bids for 81 tracts covering 433,823 acres on the US outer continental shelf. A total of 14 offshore oil and gas companies submitted 93 bids.

The lease sale, held Aug. 20, offered 21.6 million acres in unleased areas (excluding those located in the Flower Garden Banks National Marine Sanctuary) in the Western Gulf of Mexico planning area. It included 4,026 tracts from nine to more than 250 mi (14 to 402 km) off the coast, in water depths ranging from 16 ft (5 m) to more than 10,975 ft (3,346 m).

TheBureau of Ocean Energy Management (BOEM) estimates the lease sale could result in the production of 116 to 200 MMboe and 538 to 938 bcf (15 to 27 bcm) of natural gas.

For this bidding round, 167 of the blocks available for lease were located or partially located within three statute miles of the maritime and continental shelf boundary with Mexico. Leases issued on these blocks are subject to terms of the US-Mexico Transboundary Hydrocarbon Reservoirs Agreement, and 24 of those blocks received bids.

08/20/2014

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