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Companies Bid Millions To Tap Western Gulf of Mexico
Companies bid hundreds of millions of dollars to explore for oil and natural gas beneath nearly 2 million acres in the western Gulf of Mexico. A Texas-based oil company posted the most winning bids.
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(AP)
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3 Comments 
(August 21, 2008)—Companies bid hundreds of millions of dollars to explore for oil and natural gas beneath nearly 2 million acres in the western Gulf of Mexico.
The U.S. Interior’s Minerals Management Service conducted the sale.
Up for grabs were 319 tracts comprised of about 1.8 million acres of offshore Texas.
More than fifty companies competed in the auction in New Orleans submitting 423 bids.
The sum of all bids received totaled $607.2 million.
The companies bid about $487.3 million to win the rights to drill 319 tracts of the Gulf.
Most of the ultra deep-water tracts, about 90 percent of the area put up for sale, didn't receive a single bite.
Irving-based Exxon Mobil posted the most winning bids. The company plans to spend $127.3 million to explore 130 tracts.
The highest bid of day, 61 million dollars, came from StatoilHydro USA, a subsidiary of the Norwegian oil giant.
Click here for the MMS - Gulf of Mexico region website.
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Latest Comments
Seeing the platforms being built in Ingleside and Brownsville leads me to believe there is a lot of oil to plunder out in the gulf and off the coast of Brazil. Production platforms are being built as fast as possible to meet the demand.
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It costs lots of money to explore for oil and gas plus there are no more prime places to drill anymore. We have sucked it all dry. We the USA are the spoiled brats on this earth.
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