RSS   Newsletter   Contact   Advertise with us

Three companies paid $18 million for U.S. offshore oil leases

Staff Writer | August 24, 2016
Oil and gas Lease Sale 248 garnered $18,067,020 in bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area.
Gulf oil
Oil exploration   BOEM offered 23.8 million acres
A total of three offshore energy companies participated in 24 bids. The sum of all bids received totaled $18,067,020.

In this sale, BOEM offered 23.8 million acres in federal waters offshore Texas for oil and gas exploration and development.

BOEM oversees 160 million acres on the Outer Continental Shelf in the Gulf of Mexico. Approximately 20 million acres (3,762 blocks) are leased for oil and gas development; and 4.3 million of those acres (883 blocks) are producing oil and natural gas.

Sale in New Orleans, La., was the first federal offshore oil and gas auction broadcast live on the internet, delivering pertinent bid information immediately to a much broader national and international audience.

This is auction is the eleventh Gulf of Mexico offshore sale and the final one for the Western Planning Area, under the Administration’s Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017 (Five Year Program).

This sale builds on the first ten sales in the current Five Year Program, which offered more than 60 million acres and netted nearly $3 billion for American taxpayers.

Sale 248 included approximately 4,399 blocks, located from nine to 250 nautical miles offshore, in water depths ranging from 16 to more than 10,975 feet (5 to 3,340 meters).

As a result of offering this area for lease, Bureau of Ocean Energy Management (BOEM) estimates a range of economically recoverable hydrocarbons to be discovered and produced of 116 to 200 million barrels of oil and 538 to 938 billion cubic feet of natural gas. â–