Central Gulf Lease Sale Yields $539 Million in High Bids

May 2015, Vol 242, No. 5

The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) held the Central Gulf oil and gas lease sale 235 on March 18 which drew $538,780,056 in high bids for tracts on the U.S. Outer Continental Shelf offshore Louisiana, Mississippi and Alabama. A total of 42 offshore energy companies submitted 195 bids on 169 tracts, covering about 923,700 acres. The sum of all bids received totaled $583,201,520.

“The Gulf remains a critical component of our nation’s energy portfolio and holds important energy resources that spur economic opportunities for Gulf-producing states, creating jobs and home-grown energy and reducing our dependence on foreign oil,” said Secretary of the Interior Sally Jewell, who opened the lease sale. Lease Sale 235 offered 7,788 unleased blocks, covering about 41.2 million acres, located from 3 to 230 nautical miles offshore in depths ranging from 9 to over 11,000 feet. BOEM estimates the sale could result in the production of 460-890 MMbbls of oil, and 1.9-3.9 Tcf of natural gas. Statistics for Lease Sale 235 are available at http://www.boem.gov/Sale-235/ or at www.boem.gov.

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