US $ 191,000,000 bids filed by Companies on Lease Sale 257

November 30, 2021
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The Bureau of Ocean Energy Management in the United States said that trading floor 257, located in the Gulf of Mexico, has already received 317 claim messages, which were, in particular, sent from 33 firms. Applications were received for 308 blocks out of the total proposed 15 148. As a result of the receipt of these applications, their total amount amounted to about $ 191.7 million. The sale was completed on November 17th. This event took place in New Orleans.

A total of 136 applications were submitted for blocks located at depths from 0 to 200 meters. However, the largest number of applications was filed specifically for blocks located in shallow water. The largest bids, amounting to $ 99 million, were placed on blocks located at depths ranging from 800 to 1600 meters. The deepest depth for the block, which also received an application, was Lloyd Ridge 457, located at about 3,100 meters.

The total amount of $ 47 million – the largest amount on applications – was submitted by Chevron USA Inc. This amount covers 34 applications. In second place was Anadarko US Offshore LLC, which posted $ 39 million from 30 applications.

The highest bids came from Exxon Mobil Corp – first place with a total of $ 14.9 million out of 94 bids combined. The second place was taken by BP Exploration & Production Inc., which showed 46 high offers with a total amount of $ 29 million. In third place was Chevron USA Inc. – 34 high stakes for a total of 47 million.

The highest bid was from Anadarko US Offshore LLC. This firm turned its attention to Block 259, located within the Alaminos Canyon and having a depth of 800-1600 meters. The enterprise offered $ 10 million for this block. In addition, this order is in the second largest place in the category of one-time sell orders.

Chevron USA Inc. Also included in the list of firms with the highest rating and offered the highest price – $ 4,400,000 for Block 40, which is located in a canyon in the Mississippi.

Lease Sale 257 includes about 15,200 blocks that are not leased. The blocks are located in the central, western and eastern zones in the Persian Gulf. It is approximately 3-231 miles from the coastline, which is also at a depth of about 115 feet.

These transactions represented 8 offshore sales made under the program of the US Department of Energy, which is responsible for operations on the outer continental loop. The program is designed for 2017-2022 and, in total, provides for the implementation of 10 sales transactions.

OCS, located within the Gulf of Mexico, covers an area of ​​160 million acres, including about 48 billion barrels of technically recoverable oil. In addition, there are also 141 trillion cubic feet of gas that can be technically extracted.

BOEM includes in the lease terms a commitment to protect biologically sensitive resources, to mitigate as much as possible potential negative impacts on protected species, and to prevent potential conflicts between gas and oil exploitation procedures and users of other resources in the Gulf of Mexico.

The financial terms also include a royalty rate of 12.5% ​​for leases less than 200 meters deep. For other leases, the royalty rate will be 18.75%.

You can also consider the following offers of ready businesses for sale in the category “Oil&Gas project”.

ELI Deal service specialists will kindly help you to clarify all the terms of the transaction and choose the best option in order to start running the most profitable business.

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