Acadiana Business

BOEM gets 407 bids for Wednesday lease sale

by Leslie Turk

Lease sale 227 offers almost 39 million acres in the Central Gulf of Mexico. The Bureau of Ocean Energy Management's oil and gas lease sale, scheduled for Wednesday at the Mercedes-Benz Superdome, received 407 bids submitted by 47 companies on 320 offshore blocks.
Lease Sale 227 offered nearly 39 million acres in the Central Gulf of Mexico Planning Area.

Sale 227 encompasses 7,299 blocks and covers acreage located from three to about 230 nautical miles offshore, in water depths ranging from 9 to more than 11,115 feet (3 to 3,400 meters). BOEM estimates the lease sale could result in the production of 0.46 billion to 0.89 billion barrels of oil, and 1.9 trillion cubic feet to 3.9 trillion cubic feet of natural gas.

The Final Notice of Sale details the lease terms and conditions, as well as all the environmental stipulations for this sale. The Final Notice of Sale information package is available here.