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Gulf of Mexico 2016 Western Lease Sale 248 attracts few bids


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.


What's included?

This report includes 2 file(s)

  • Gulf of Mexico 2016 Western Lease Sale 248 attracts few bids PDF - 447.96 KB 5 Pages, 2 Tables, 2 Figures
  • US GoM Western Lease Sale 248.xls XLS - 359.50 KB

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

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  • BHP builds its position in western deepwater GoM
  • Future lease sales poised for higher participation
  • Regulations and price environment impact shallow water bidding

In this report there are 4 tables or charts, including:

  • BHP builds its position in western deepwater GoM
  • Future lease sales poised for higher participation
    • Annual acreage expirations, deepwater Gulf of Mexico
  • Regulations and price environment impact shallow water bidding
    • Apparent high bidders by block in Western Lease Sale 248
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