The
NewsRoom
Release #: 3101
Date: June 18, 2004
Central Gulf of Mexico Sale 190 Nets $364,024,583 in High Bids
Following the completion of an extensive two-phase bid evaluation
process to ensure that the Federal government receives a fair monetary
return for the public mineral resources it makes available, the
U.S.
Department of the Interior’s Minerals Management Service (MMS)
announced the results of
Oil and Gas Lease Sale 190 held March 17,
2004.
Of the 557
tracts receiving bids, MMS rejected 14 high bids totaling $4,537,449
as insufficient for fair market value. In addition, one high bid at
$201,450 was deemed unacceptable by MMS because it was below the
required minimum bid amount stated in the Final Notice of Sale. MMS
accepted the high bids on 542 tracts for a net amount of
$364,024,583.
The monies
collected are distributed to the general fund of the
U.S. Treasury,
shared with the affected States, and set aside for special uses that
benefit all 50 states.
The highest bid
accepted on a tract was $35,290,892 by Amerada Hess Corporation for
Green Canyon 468. This top bid of the sale was in 800-1,599 meters
water depth and received five bids. The second and third highest bids
accepted were for $31,088,000 by Union Oil Company of California,
Anadarko Petroleum Corporation, Nexen Petroleum Offshore, U.S.A., and
BHP Billiton Petroleum (Deepwater) Inc. on Green Canyon Blocks 512,
and $8,213,415 by EnCana Gulf of Mexico LLC on Walker Ridge 969 in
1,600 meters or greater water depth.
This sale
indicates the continued strong interest of major and independent oil
and gas companies in the Gulf. The results of the sale also indicate
a continuing interest in shallow-water areas, with sixty-one percent
of the tracts receiving bids in less than 200 meters of water.
The top five
companies participating in the highest number of accepted high bids
for Sale 190 are the following:
Company |
Number of Accepted High Bids |
Sum of Accepted
High Bids
|
1. Magnum Hunter Production, Inc. |
53 |
$
8,045,956 |
2. BHP Billiton Petroleum (Deepwater) Inc.
|
32 |
$18,496,331 |
3. Chevron U.S.A. Inc. |
29 |
$10,032,218 |
4. BP Exploration & Production Inc. |
24 |
$
8,162,608 |
5. Noble Energy, Inc. |
24 |
$
6,121,204 |
The top five
companies with the highest total bonus accepted are the following:
Company |
Number of Accepted High Bids |
Sum of Accepted High Bids |
1. Amerada Hess Corporation |
17 |
$40,710,005 |
2. BHP Billiton Petroleum (Deepwater) Inc. |
32 |
$18,496,331 |
3. Stone Energy Corporation |
8 |
$15,544,000 |
4. Pogo Producing Company |
14 |
$12,472,000 |
5. Tana Exploration Company LLC |
8 |
$11,124,292 |
The Minerals Management Service is the federal
agency in the U.S. Department of the Interior that manages the
nation’s oil, natural gas, and other mineral resources on the Outer
Continental Shelf in Federal offshore waters. The agency also
collects, accounts for, and disburses mineral revenues from Federal
and American Indian lands. MMS disbursed more than $8 billion
in FY 2003 and more than $135 billion since the agency was created in
1982. Nearly $1 billion from those revenues go into the Land and
Water Conservation Fund annually for the acquisition and development
of state and Federal park and recreation lands.
Relevant Web Sites
MMS Main Website
Gulf of Mexico Website
Media Contacts
Debra Winbush
(504) 736-2597
Caryl Fagot
(504) 736-2590
MMS: Securing Ocean Energy & Economic Value for
America
U.S. Department of the Interior |