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
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 Two bids were withdrawn.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/.