Gulf of Mexico Region-wide Sale 249 Reflects Current Oil and Gas Prices

BOEM Completes Tract Evaluation and Awards 81 Leases

02-02-2018 New Orleans

Contacts: John Filostrat
504-731-7815

The Bureau of Ocean Energy Management (BOEM) completed its required evaluation to ensure the public receives fair market value for tracts leased in Gulf of Mexico Regionwide Lease Sale 249, held on August 16, 2017.

After extensive geological, geophysical, engineering, and economic analysis, BOEM has awarded 81 leases on tracts covering 456,256.16 acres to high bidders who participated in the sale.  The accepted high bids are valued at $110,878,164.60.  BOEM accepted the 81 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 $12,100,717 submitted by Total E&P USA Inc. for Garden Banks, Block 1003.

During the sale, 27 companies participated and 99 bids were received totaling $137,006,181 on 90 tracts covering 508,096.16 acres of the Outer Continental Shelf (OCS).  A total of $121,143,055 in high bids was offered in the lease sale.  Seven bids were rejected totaling $9,294,188. Two bids were withdrawn.

For more information on Sale 249 go to https://www.boem.gov/Sale-249/.