BOEM Completes Tract Evaluation and Awards Leases
The Bureau of Ocean Energy Management completed its required evaluation to ensure that the public receives fair market value for tracts leased as part of Central Gulf of Mexico Oil and Gas Lease Sale 216/222, which was held on June 20, 2012.
After extensive economic analysis, BOEM has awarded 442 leases on tracts covering 2,335,646 acres to the successful high bidders who participated in the sale, which made 7,434 unleased blocks covering more than 39 million acres available offshore Louisiana, Mississippi and Alabama. The accepted high bids are valued at $1,681,578,390.
During the sale, 56 companies submitted 593 bids totaling $2,602,563,726 on 454 tracts. A total of $1,704,500,995 was received in high bids. BOEM rejected twelve high bids, totaling $22,922,605 after determining that the value of those bids was insufficient to provide the public with fair market value for the tracts.
BOEM will reoffer these tracts as part of the next Central Gulf of Mexico sale, which is currently scheduled for March 20, 2013.
The highest bid accepted was $157,111,000, submitted by Statoil Gulf of Mexico LLC for Mississippi Canyon, Block 718. The tract is at depths of 2,625 to 5,249 feet (800-1600 meters) and received four bids.
For more information on Sale 216/222 go to http://www.boem.gov/sale-216-222/