Interest Continues for Offshore GOM Leases

The Bureau of Ocean Energy Management (BOEM) has completed its assessment of the March 2015 Lease sale. 41.2 million acres offshore Louisiana, Mississippi and Alabama in the Gulf of Mexico Central Planning Area were up for sale in March, including 7,788 unleased blocks. "BOEM awarded 161 leases on tracts covering 923,711 acres to the successful high bidders who participated in the sale." 42 companies submitted 195 bids totaling on 169 tracks. A total of $538,780,056 was received in high bids. The highest bids were for Walker Ridge leases. BOEM analysts notes that although the market conditions in March were not favorable due to low oil and gas prices, the number of high bids and number of deepwater bids were similar to last year's central sale and reflect industry's continuing interest in the deepwater Gulf of Mexico.