Chevron top bidder of oil and gas tracts in Western Gulf lease sale

11/29/2012

Chevron top bidder of oil and gas tracts in Western Gulf lease sale

NEW ORLEANS -- Chevron paid top dollars for the right to explore oil and gas blocks off the coast of Texas, the United States department of the Interior said Chevron paid $17.2 million for a block, the top bid for a single tract.

The lease sale racked up $133 million in bids. ConocoPhillips submitted the most high bids, 62, worth $52 million overall. Chevron was No. 2, with 28 bids worth $56 million.

The auction highlighted the growing importance of deep and ultra deep exploration in Gulf of Mexico waters of 116 tracts up for grabs in this latest leasing round, 70 are in water depths of 800 m, and 35 in water depths of 1,600 m. An auction last December in the same area garnered $325 million, driven by pent-up demand after the 2010 lease sale cancellation and Gulf spill moratorium.
 
Dow Jones Newswires

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