What's New?
BOEM completed its analyses of the high bids offered in Gulf of Mexico Oil and Gas Lease Sale 261, which was held on Dec. 20, 2023. These analyses are conducted to ensure the American people receive fair market value for all acreage leased on the Outer Continental Shelf.
Twenty-six companies participated in the sale, offering 352 bids for 311 tracts covering approximately 1,728,344 acres for a total of $441,896,332. The total high bids offered on the 311 tracts was $382,168,507.
The results of BOEM’s oil and gas property appraisal process, which entails extensive geological, geophysical, engineering, economic and probabilistic analyses, enabled BOEM to award a total of 299 leases on tracts covering approximately 1,659,224 acres. The total high bids accepted on these tracts is $372,460,408.
BOEM did not award leases on 12 tracts based on the results of BOEM’s oil and gas property appraisal analyses which determined that the high bid offered on each of these tracts was below the minimum acceptable fair market value. The total high bids offered for the 12 leases not awarded is $9,708,099. The acreage on these 12 tracts may be re-offered for lease in subsequent Gulf of Mexico oil and gas lease sales.
The highest high bid accepted was $25,500,085, submitted by Anadarko US Offshore LLC, for Mississippi Canyon block 389.