Gulf of Mexico oil, gas lease bidding down from last 2 sales


MGN – Image License
Photo: Pixabay

NEW ORLEANS (AP) — Oil and gas companies made $159.4 million in high bids Wednesday for federal leases in the Gulf of Mexico, down from sales in March and a year ago.

The Bureau of Ocean Energy Management says 29 companies bid on 144 tracts. That’s about 1% of the tracts offered.

The March sale drew $244.3 million in high bids on 227 tracts, and the one in August 2018 brought $178.1 million in bids on 144 tracts.

A news release said this year’s total high bids are the highest since 2015.

Agency statistics indicate totals of $419.2 million this year and $561.5 million in 2015. Totals were $174.5 million in 2016, $395.9 million in 2017 and $302.8 million last year.

In the decade preceding 2015, Gulf lease sales averaged $1.6 billion a year.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Stay up to date with the latest news by downloading the BRProud App from the App Store or Google Play.

Trending Stories