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Gulf of Mexico 2016 Western Lease Sale 248 attracts few bids

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Report summary

Western Lease Sale 248 was held on 24 August 2016 and attracted 24 bids. ExxonMobil BP and BHP Billiton were the only three companies to bid and bonuses totalled just US$18.1 million compared to US$22.7 million in 2015. The sale breaks last year's record for the lowest number of bids since the inception of offshore federal lease sales in 1983. All bids were uncontested and there were no joint bids. Only two bids exceeded US$1 million creating the possibility for BOEM to reject insufficient bids. For the first time since 1995 no bids were placed in the shallow waters of Gulf of Mexico.

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    US GoM Western Lease Sale 248.xls

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This report includes 2 images and tables including:

Images

  • Annual acreage expirations, deepwater Gulf of Mexico
  • Apparent high bidders by block in Western Lease Sale 248

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