MMS tallies high bids from Western GoM Lease Sale 207

The Minerals Management Service (MMS) has accepted high bids valued at $483,959,404 and awarded 313 leases to the successful high bidders who participated in Western Gulf of Mexico Oil and Gas Lease Sale 207.

Offshore staff

NEW ORLEANS -- The Minerals Management Service (MMS) has accepted high bids valued at $483,959,404 and awarded 313 leases to the successful high bidders who participated in Western Gulf of Mexico Oil and Gas Lease Sale 207.

Fifty-three companies submitted 423 bids on 319 tracts. The total for high bids submitted on all tracts was $487,297,676. Using the two-phase bid evaluation process, MMS rejected high bids totaling $3,338,272 on six tracts as insufficient for fair market value.

The highest bid accepted on a tract was $61,110,000 made by Statoil Gulf of Mexico for Alaminos Canyon block 380. This deepwater tract (greater than 6,562 ft (2,000 m) of water) received three bids.

The top five companies with the highest number of accepted high bids for Sale 207:
Exxon Mobil - 128 bids ($125,264,000)
Hess Corp. - 22 bids ($14,162,407)
Chevron – 20 bids ($127,281,322)
Devon Energy – 20 bids ($6,671,461)
Anadarko E&P – 19 bids ($14,806,839)

The top five companies with the highest total bonus amount accepted for Sale 207:
Chevron – 20 bids ($127,281,322)
Exxon Mobil – 128 bids ($125,264,000)
Statoil Gulf of Mexico - 5 bids ($87,352,000)
LLOG Exploration Offshore - 11 bids ($23,172,800)
Shell Gulf of Mexico – 15 bids ($20,199,985)

Funds from the total high bids will be distributed to the US Treasury, shared with the affected states, and set aside for special uses that benefit all fifty states.

01/22/2009

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