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


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

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.

What's included?

This report includes 2 file(s)

  • Investment reaches historic lows at US Gulf of Mexico Central Lease Sale 241 PDF - 385.10 KB 6 Pages, 2 Tables, 3 Figures
  • US Gulf of Mexico Central Lease Sale 241.xls XLS - 203.00 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.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

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  • 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

In this report there are 5 tables or charts, including:

  • Executive summary
    • Central Lease Sale 241 Summary
  • Mississippi Canyon stands out
    • Three most recent Central Lease Sales (2014-2016)
  • Sale results show some optimism for frontier prospects, but overall spend dwindles
    • Top 10 companies by high bids in deepwater
  • Private companies expand their footprint in deepwater
  • Shelf is targeted by private operators
    • Shelf bids and bonuses by lease sale (2008-2016)
    • Apparent high bidders by block in CLS 241
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