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https://www.lexco.com/sale-248/

Lease Sale 248

August 24, 2016

Western Gulf of Mexico Planning Area Lease Sale 248 was held in New Orleans on August 24, 2016. Sale 248, just completed, resulted in 24 bids, by 3 companies, on 24 tracts, for a total of $18,067,020. The total sum of apparent winning bids was $18,067,020, on approximately 0.1 million acres.  The last western sale in 2015, Sale 246 resulted in 33 bids, by 5 companies, on 33 tracts, for a total of $22,675,212. The total sum of apparent winning bids was $22,675,212, on approximately 0.2 million acres.

The big players, in terms of number of tracts bid on, are:

  • BHP Billiton Petroleum (Deepwater) Inc. - 12 bids
  • BP Exploration & Production Inc. - 10 bids
  • Exxon Mobil Corporation - 2 bids

In terms of total amount exposed, we have:

  • BHP Billiton Petroleum (Deepwater) Inc. - $9.99 million
  • BP Exploration & Production Inc. - $6.3 million
  • Exxon Mobil Corporation - $1.8 million

In terms of total amount of high bids, we have:

  • BHP Billiton Petroleum (Deepwater) Inc. - $9.99 million
  • BP Exploration & Production Inc. - $6.3 million
  • Exxon Mobil Corporation - $1.8 million