BOEM Completes Tract Evaluation and Awards 139 Leases
Contact: John Filostrat
The Bureau of Ocean Energy Management (BOEM) has completed its required evaluation of the Gulf of Mexico Region-Wide Lease Sale 250 (held on March 21, 2018) to ensure the public receives fair market value for tracts leased in the Gulf of Mexico.
After extensive geological, geophysical, engineering, and economic analysis, BOEM has awarded 139 leases on tracts covering 764,323.76 acres to high bidders who participated in the sale. The accepted high bids are valued at $115,329,139. BOEM accepted the139 bids after determining that the value of each bid was sufficient to provide the public with fair market value for each tract. The highest bid accepted was $7,000,728 submitted by Total E&P USA, Inc. for Mississippi Canyon 697.
During the sale, 33 companies participated and 159 bids were received totaling $139,122,383 on 148 tracts covering 815,403.76 acres of the Outer Continental Shelf (OCS). A total of $124,763,581in high bids were offered in the lease sale. Nine bids were rejected totaling $9,434,442.
For more information on Sale 250 go to https://www.boem.gov/Sale-250/.