The GOM Lease Sale 250 results were reported this morning. As a whole there were 159 bids on 148 tracts, with a total of $124.7MM(US) high bids and $139.1MM(US) total bids. There were 33 companies that participated with 24 walking away with new acreage (Figure 1). More detailed information from the DrillingInfo scouts about each block bid & all awards at the bottom of the article.
Most companies won everything they went after as there was only 7 contested blocks. All had 2 bids with the exception of MC 509 with three bids. The block was awarded to LLOG; the only block they bid solo. There were 10 blocks with joint bids, with LLOG leading the partner game forming alliances with 5 companies for the 250 Lease Sale. Total had the highest bid on MC 697, beating Chevron with their just over $7MM(US) offering. Closest bid was on MC 513, where Hess squeaked it out for an additional $3,001(US)over LLOG and partners Ridgewood & RedWood. The second closest block was fought over by 2 supermajors, MC 787, with $26,744(US) granting Chevron victory over Exxon.
BP came out strong, awarded the most blocks in the sale (27); showing their interest in continuing operations in the GOM. Surprisingly, Anadarko didn’t participate in the sale, while their big competitors BP, Chevron & Shell were highly active. BP and Shell won on all blocks they sought after (27 & 16) while Chevron won 24 and lost 5.
EnVen & W&T offshore showed some strategy change to their current portfolios; participating in the sale yielded 6 & 8 blocks respectively.
Stay tuned for more from DrillingInfo from the GOM area as we will published a GOM Article Series over the next few months covering the happenings in the GOM including results from the upcoming May Mexico lease sale and August 251 lease sale.
Interested in learning more?
Please contact the DrillingInfo GOM Team:
Donald Campbell, Senior Analyst – Frontier North America Donald.Campbell@drillinginfo.com
Tom Liskey, Regional Mgr – Americas Tom.Liskey@drillinginfo.com
Robyn Marchand, Technical Advisor – DrillingInfo Robyn.Marchand@drillinginfo.com
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