Tuesday, November 12, 2019

GoM Lease Fetches $159mln in High Bids

August 23, 2019

Image: U.S. Department of the Interior

Gulf of Mexico (GoM) Lease Sale 253 in New Orleans generated over $159 million in high bids for 151 tracts covering 835,000 acres in federal waters.

Twenty-seven companies participated in the lease sale, submitting approximately $175 million in bids, said Bureau of Ocean Energy Management (BOEM).

“We are excited about the results from today’s lease sale, which show a continued upward trend for the year. The total from today’s lease sale and the March sale is the highest since 2015 for high bids,” said Interior’s Deputy Assistant Secretary for Land and Minerals Management Andrea Travnicek.

 “The Gulf of Mexico continues to be a critical part of our nation’s energy infrastructure strengthening our country through increased national security, job creation, and revenues for the American people," Travnicek added.

Lease Sale 253 included 14,585 unleased blocks, located from three to 231 miles offshore, in the Gulf’s Western, Central and Eastern Planning Areas in water depths ranging from nine to more than 11,115 feet (three to 3,400 meters).  

“The Gulf of Mexico is the crown jewel of our nation’s energy portfolio,” said Mike Celata, director of BOEM’s New Orleans Office. “As one of the most productive basins in the world, the development of its resources are essential to the nation’s energy security.”

Revenues received from Outer Continental Shelf (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.

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