BP Proves Highest Bidder In Gulf Lease Sale

May 2014, Vol. 241, No. 5

Secretary of the Interior Sally Jewell announced that the Gulf of Mexico Lease Sale 231, held March 19, 2014, garnered $872,143,771 in high bids on 329 tracts covering 1,707,358 acres.

The Central Gulf lease sale attracted $850,809,921 in high bids on 326 blocks, covering 1.7 million acres on the U.S. Outer Continental Shelf (OCS) offshore Louisiana, Mississippi and Alabama. A total of 50 offshore energy companies participated in submitting 380 bids.

BP was the highest bidder in sale, placing 24 bids, amounting to $41.6 million, on 326 blocks being offered.