US GoM Lease Sale Nets More Than $178 Million In High Bids

More competition from oil and gas companies for blocks available for leasing in the U.S. Gulf of Mexico (GoM) helped bring in more than $178 million in high bids during the latest offshore lease sale, showing offshore interest remains.

Preliminary sale statistics provided by the U.S. Bureau of Ocean Energy Management show 29 companies participated in the Aug. 15 lease sale. Together, they placed 171 bids on 144 blocks. This was less participants than the March lease sale that attracted 33 companies, which placed 159 bids on 148 blocks.

The latest sale, however, brought in both more high bids and total bids—more than $202.6 million—while luring small and large companies alike—some venturing into deeper waters and new areas. However, less than 1% of the 14,575 blocks offered received bids.