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Investment reaches historic lows at US Gulf of Mexico Central Lease Sale 241

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Report summary

The US Gulf of Mexico Central Lease Sale 241 was held on 23 March 2016 and attracted 148 bids from 26 companies with high bids totalling US$156 million. The number of participants and total spend declined for the fourth consecutive year. High bids declined by 71% from the previous Central Lease Sale.The majority of bidding occurred in Mississippi Canyon where extensive in place infrastructure could reduce development costs at new fields. Similar to last year 90% of bids were uncontested resulting in an average bid per deepwater block of just US$1.3 million. Approximately half of bids were not much higher than the minimum acceptable bid of $576 000 per block.Despite these declines remote regions were not completely ignored indicating that the industry still believes that frontier plays can generate positive economics.

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    Investment reaches historic lows at US Gulf of Mexico Central Lease Sale 241

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    US Gulf of Mexico Central Lease Sale 241.xls

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Table of contents

  • Executive summary
  • Mississippi Canyon stands out
  • Sale results show some optimism for frontier prospects, but overall spend dwindles
  • Private companies expand their footprint in deepwater
  • Shelf is targeted by private operators

Tables and charts

This report includes 5 images and tables including:

Images

  • Top 10 companies by high bids in deepwater
  • Shelf bids and bonuses by lease sale (2008-2016)
  • Apparent high bidders by block in CLS 241

Tables

  • Central Lease Sale 241 Summary
  • Three most recent Central Lease Sales (2014-2016)

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