U.S. oil and fuel firm W&T Offshore was the obvious excessive bidder on two blocks within the Gulf of Mexico Lease Sale 256 held by the Bureau of Ocean Energy Management (BOEM) on 18 November 2020.

W&T mentioned on Tuesday that it was the obvious excessive bidder in the newest Gulf of Mexico lease sale on two shallow-water blocks, Eugene Island South Addition block 389 and Ewing Banks block 979.

These two blocks cowl a complete of roughly eight,800 acres. If awarded, the corporate pays roughly $518,000 for the awarded leases mixed, which displays a 100 per cent working curiosity within the acreage.

The two shallow-water blocks have a five-year lease time period and 12.5 per cent royalty.

Despite submitting the obvious excessive bid on these leases, the BOEM reserves the proper to not award the blocks primarily based on their minimal bidding standards. W&T expects to obtain the ultimate award outcomes over the following 90 days.

The newest Gulf of Mexico lease sale generated greater than $120 million in excessive bids for 93 tracts masking roughly 79 million acres in federal waters of the Gulf of Mexico.

Posted: 5 days ago


Gulf of Mexico lease sale attracts over $120 million in high bids

Categories:

  • Exploration & Production
Posted: 5 days in the past

A complete of 23 corporations participated within the lease sale, submitting $135,558,336 in whole bids, in keeping with BOEM.

Talos Energy was additionally one of many corporations to win new acreage as a part of the lease sale. Talos positioned a sole bid on the Viosca Knoll 1000 in addition to a joint bid with an affiliate of BP on Green Canyon 866 blocks.

When accepted, the blocks will present an extra 11,520 gross acres for future exploration acquired at a mean price of lower than $300 per gross acre.

The put up W&T Offshore luggage two shallow-water blocks in Gulf of Mexico spherical appeared first on Offshore Energy.

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