Insight

Gulf of Mexico 2016 Western Lease Sale 248 attracts few bids

Get this report

$1,350

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- Available as part of a subscription
- FAQ's about online orders

25 August 2016

Gulf of Mexico 2016 Western Lease Sale 248 attracts few bids

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 2 images and tables including:

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

What's included

This report contains:

  • Document

    US GoM Western Lease Sale 248.xls

    XLS 359.50 KB

  • Document

    Gulf of Mexico 2016 Western Lease Sale 248 attracts few bids

    PDF 447.96 KB

  • Document

    Gulf of Mexico 2016 Western Lease Sale 248 attracts few bids

    ZIP 703.80 KB