Secretary Salazar to Open Western Gulf of Mexico Lease Sale 218

abarrelfull wrote on 15 Dec 2011 09:44
Tags: gulf-of-mexico upstream usa

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Department of the Interior Secretary Ken Salazar will open Western Gulf of Mexico Lease Sale 218 in New Orleans tomorrow at 9 a.m. CST at the Mercedes-Benz Superdome with brief remarks. The sale, held by the Bureau of Ocean Energy Management (BOEM), has attracted 241 bids submitted by 20 companies on 191 tracts offshore Texas, compared to 189 bids submitted by 27 companies on 162 tracts during the previous Western Gulf Lease sale in August 2009.

Blocks are located in federal waters from nine to more than 250 miles offshore, in water depths of about 16 feet (five meters) to more than 10,975 feet (3,346 meters). BOEM estimates that this sale could result in production of approximately 222 to 423 million barrels of oil and 1.49 to 2.65 trillion cubic feet of natural gas.

Sale 218 incorporates a number of lease terms to ensure fair return, provide incentives for diligent development, and help reduce the amount of leased acreage that is warehoused and left unexplored.

• Secretary Salazar to Open Western Gulf of Mexico Lease Sale 218

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