Home Auctions in the Gulf of Mexico attracted 29 oil companies and $178 million in bids

Auctions in the Gulf of Mexico attracted 29 oil companies and $178 million in bids

16 from 2018 to 05 at 24: XNUMX
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oil gulf of mexico auctions

Oil companies offered $178.069.406 high bids for 144 sectors in federal waters of the Gulf of Mexico in auctions held on Wednesday.

David Bernhardt, Deputy Home Secretary, said: “The lease results will help secure well-paying offshore jobs for rig workers, ground crew support and industry-related jobs, while generating much-needed revenue to fund everything from infrastructure conservation. ”

A total of 29 companies participated in the lease sale, submitting $202.667.923 in bids.

The companies that submitted proposals were: Hess, Chevron, Exxon Mobil, Shell, Walter Oil & Gas, W & T Offshore, TOTAL, INC. Houston Energy, LLOG, Anadarko, BP, Murphy, Equinor, Byron Energy, Peregrine Oil & Gas II, Castex Offshore, Ecopetrol, EnVen Energy Ventures, Talos Energy, Fieldwood Energy, GulfSlope Energy, Deep Gulf Energy III and SDB Offshore Energy, LLC .

“The Gulf of Mexico is a long established oil and gas province and many of the blocks offered in today's sale have been offered many times before,” said Kate MacGregor, Deputy Assistant Secretary for Land and Minerals Management. "Today's results demonstrate continued interest as serious innovation and engineering continues to unlock new energy resources deep beneath the seafloor."

The Department of the Interior offered 14575 blocks, of which 144 attracted bids. The total number of offers was 171, as some companies were competing for the same blocks. Green Canyon block 437 attracted the most bids – four.

Most bids came for blocks located in waters over 1600 meters deep, attracting 55 bids. The highest bid for a single block came for Mississippi Canyon Block 338, for which Hess offered $25,9 million.

While Hess submitted the highest bid for a single block, ExxonMobil was the highest bidder overall. He had a total of 25 high bids, the sum of which was $40 million. See the top ten bidders below.

Not as intense, but still positive

National Association of Oceanographic Industries (NOIA) President Randall Luthi commented on the sale of Gulf of Mexico 251 lease.

He said, “While the auction was not as intense, Lease Sale 251 leads the previous Gulf sale in terms of increased participation, increased competition for bids and bid values. In addition, bidding activity demonstrates both continued interest in deep water areas and renewed interest in shallow water areas.

“The operating environment in the US Gulf of Mexico shows tangible signs of improvement, pointing to an industry that is set to go into high gear; oil prices are higher, overly burdensome regulatory reviews are underway, rig fees and supply chain pricing are more competitive, and companies have improved the efficiency of their operations. Today's sale results reaffirm the paradoxical state of an offshore energy industry in slow recovery mode; The future is bright, but changing gears takes time. ”

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