Insight
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.
Table of contents
- BHP builds its position in western deepwater GoM
- Future lease sales poised for higher participation
- Regulations and price environment impact shallow water bidding
Tables and charts
This report includes the following images and tables:
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Annual acreage expirations, deepwater Gulf of MexicoApparent high bidders by block in Western Lease Sale 248
What's included
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