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Sunday, September 22, 2019

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Gulf of Mexico oil lease sale: Up from 2016, down from 2015

Gulf of Mexico oil lease sale: Up from 2016, down from 2015

NEW ORLEANS (AP) — Oil companies offered more money for Gulf of Mexico oil leases than they a year ago. But in 2015, companies bid nearly double the $274.8 million offered Wednesday in the same area.

The Bureau of Ocean Energy Management says 28 companies bid on 163 tracts off of Louisiana, Mississippi and Alabama.

Last year, 26 companies made $156 million in high bids on 128 tracts in the central gulf. Wednesday's high bids totaled about 51 percent of the $539.8 million in high bids offered by 35 companies for 169 blocks in that area in March 2015.

In a news release, Interior Secretary Ryan Zinke called Wednesday's auction a strong sale reflecting industry optimism and interest in the Gulf's outer continental shelf.

Gulf-wide sales will begin in August.

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