The recent Western Gulf of Mexico Oil and Gas Lease Sale 204, held in New Orleans by the U.S. Department of the Interior’s Minerals Management Service (MMS), attracted $289,953,066 in high bids.
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The recent Western Gulf of Mexico Oil and Gas Lease Sale 204, held in New Orleans by the U.S. Department of the Interior’s Minerals Management Service (MMS), attracted $289,953,066 in high bids. A total of 47 companies participated in the lease sale, in which MMS received 358 bids on 282 tracts. The sum of all bids received totaled $369,496,840. The sale offered 3,338 tracts comprising approximately 18 million acres offshore Texas.
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“The success of this lease sale once again demonstrates industry’s commitment and interest in the Gulf,” says MMS Director Randall Luthi. “The bidding in this sale is an indicator that the Gulf of Mexico will continue to be a strong source for the nation’s energy production in the future.”
The high bid for each block will go through a strict evaluation process to ensure the public receives fair market value before a lease is awarded, MMS says.
