US: Conoco Offers Highest Bid In Gulf of Mexico Lease Sale

Dec 14

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By gCaptain Staff On December 14, 2011

Lease Sale Map – Bid Distribution for Sale 218 via BOEM

HOUSTON (Dow Jones)–ConocoPhillips’s (COP) $103.2 million offer for the Keathley Canyon Block 95 was the highest bid in the first U.S. Gulf of Mexico lease sale since last year’s Deepwater Horizon oil spill.

ConocoPhillips’s bid was higher than offers made for the same block by six other companies, including BP PLC (BP), Royal Dutch Shell (RDSA), and a subsidiary of A.P. Moller-Maersk A/S (MAERSK-B.KO), according to results released Wednesday by U.S. Bureau of Ocean Energy Management in New Orleans.

The agency is set to report the winning bids for the sale, known as Sale 218, which offered 191 tracts located in the western Gulf, later Wednesday.

Block 95 is located in the Gulf’s deepwater and it has yielded in the past massive discoveries such as Chevron Corp.’s (CVX) Buckskin and BP’s Kaskida.

Exxon Mobil Corp. (XOM) and Anadarko Petroleum Corp. (APC) were also among active bidders for other blocks offered in the sale, according to the agency.

The results are expected to show the level of interest oil companies have in the Gulf. The federal government strengthened regulations in the area after BP’s Macondo well blew out as drilling was completed in April 2010, killing 11 workers and unleashing the largest offshore spill in U.S. history.

–By Isabel Ordonez, Dow Jones Newswires

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BOEM outlines GoM lease sale results

Published: Dec 14, 2011

Offshore staff

NEW ORLEANS – The Bureau of Ocean Energy Management, Gulf Coast Region, has released the Sale Day Statistics for OCS sale 218 involving the western Gulf of Mexico. This is the first such sale since the Macondo incident.

Twenty companies placed 241 bids on 191 of the total of 3,913 blocks offered. The sum of the high bids was $337,688,341.

The Top 10 single highest bids are as follows:

1. ConocoPhillips Co., Keathley Canyon 95, $103,200,000

2. Maersk Oil Gulf of Mexico Two LLC, Garden Banks 537, $8,640,816

3. Maersk Oil Gulf of Mexico Two LLC, Garden Banks 582, $8,640,816

4. Anadarko US Offshore Corp., East Breaks 637, $8,294,880

5. Maersk Oil Gulf of Mexico Two LLC, Garden Banks 530, $7,777,816

6. Exxon Mobil Corp., East Breaks 772, $7,750,535

7. BP Exploration & Production Inc., Keathley Canyon 441, $7,122,619

8. BP Exploration & Production Inc., Keathley Canyon 397, $5,692,619

9. BP Exploration & Production Inc., Keathley Canyon 7, $4,912,619

10.Exxon Mobil Corp., Alaminos Canyon 612, $4,750,535.

The Top 10 companies based on total number of high bids are as follows:

1. ConocoPhillips Co., 75 bids, $157,816,740

2. Exxon Mobil Corp. 50 bids, $63,293,750

3. Maersk Oil Gulf of Mexico Two LLC, 12 bids, $36,010,792

4. BP Exploration & Production Inc., 11 bids, $27,458,809

5. Plains Exploration & Production Co., 10 bids, $12,870,000

6. Anadarko US Offshore Corp., 7 bids, $19,317,210

7. Ecopetrol America Inc., 7 bids, $6,000,000

8. Shell Offshore Inc. 3 bids, $4,951,858

9. Apache Corp., 3 bids, $1,693,927

10. Castex Offshore Inc., 2 bids, $4,200,000.

Posted on December 14, 2011, in Gulf of Mexico and tagged , , , , , , . Bookmark the permalink. 5 Comments.