NEW ORLEANS – The Bureau of Ocean Energy Management (BOEM) has awarded 153 tracts receiving bids and rejected 10 high bids from the Central Gulf of Mexico Lease Sale 247.
The 10 rejected high bids totaled $10,848,507 and covered 56,365.79 acres. The bureau said that the value of those bids was insufficient to provide the public with fair market value for the tracts and will re-offer these tracts as part of the next lease sale, Sale 249 in August.
Sale 247, held on March 22, 2017, offered 9,118 unleased blocks, covering 48 million acres. Twenty-eight companies submitted 189 bids on 163 tracts. A total of $274,797,434 was received in high bids covering 913,542.21 acres. The highest bid accepted was $24,056,719 submitted by Shell Offshore Inc. for Atwater Valley 64. The tract receiving the greatest number bids was Garden Banks 1006 with five bids.
Of the tracts receiving bids, 22 were in water depths less than 200 m (656 ft) and 141 were in water depths greater than 200 m.