GoM Lease Bids Hit $244mln

Laxman Pai
Thursday, March 21, 2019

Oil and gas Lease Sale 252 generated $244.3 million in high bids for 227 tracts covering 1,261,133.85 acres in federal waters of the Gulf of Mexico (GoM).
 
According to Bureau of Ocean Energy Management data, that’s still way below the $405 million generated by the December Massachusetts offshore wind sale, but considerably better than the $178 million generated by the August 2018 GoM lease sale.

A total of 30 companies participated in the lease sale, submitting $283,782,480 in all bids. Royal Dutch Shell and Equinor were among the high bidders for the leases.

“Today’s lease sale shows strong bidding by established companies, which indicates that the Gulf of Mexico will continue to be a leading energy source for our nation long into the future,” said Assistant Secretary Balash. “The results from today will help secure well-paying offshore jobs, while generating much-needed revenue to fund everything from conservation to infrastructure.”

“The Gulf of Mexico remains a premier basin, covering about 160 million acres. It holds about 48.5 billion barrels of oil and 141 trillion cubic feet of undiscovered and technically recoverable gas,” said Acting BOEM Director Walter Cruickshank. “Today’s lease sale represents another step forward in the Administration’s comprehensive effort to secure domestically produced energy for our Nation’s energy future.”

Revenues received from OCS leases (including high bids, rental payments and royalty payments) are directed to the U.S. Treasury, certain Gulf Coast states (Texas, Louisiana, Mississippi, and Alabama), the Land and Water Conservation Fund, and the Historic Preservation Fund.

Categories: Government Update Offshore Energy Bid

Related Stories

ABS Takes Charge of Digital Twin Project for Petrobras’ FPSOs

Petronas to Proceed with South China Sea Oil and Gas Exploration

East Timor Eyes Chinese Partners for Stalled Greater Sunrise Gas Development

TotalEnergies Extends LNG Supply Agreement with CNOOC Until 2034

DOF Subsea Grows Its APAC Backlog

The Mounting Offshore Oil & Gas Decommissioning Cost

Heat Drives Asian LNG Spot Price Spike

Shipbuilding: Wind Turbine Installation Vessel Delivered to Cadeler

Equinor Picks SHI as Preferred Supplier for Korean 750 MW Floating Wind Project

Solar, Wind Uptake to Reach 5.4 TWac from 2024 to 2033, Says Wood Mackenzie

Current News

Valeura Energy Consolidates Thai Oil and Gas Assets

TotalEnergies Inks 15-Year LNG Supply Deal with China’s Sinopec

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

Floating Wind and the Taming of Subsea Spaghetti

Impending Shortage of Jackups within Ageing Asia Pacific Fleet

Equinor Tries Again for a Japan Offshore Wind Lease

Yinson Production Concludes Minority Stake Sale in FPSO Anna Nery

Sunda Energy Pushes Back Chuditch-2 Appraisal Well Drilling Date

CNOOC Starts Production at Another Oil Field in South China Sea

ABS Takes Charge of Digital Twin Project for Petrobras’ FPSOs

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com