Exploration & Production

US Gulf of Mexico bid round falls flat

Companies bid on just 1% of the acreage offered in the United States' Gulf of Mexico licensing round, it has been reported.
By Staff reporter 22 March 2018 0 30123

The United States’ efforts to boost investment in the Gulf of Mexico’s oil and gas industry suffered a setback on Wednesday, as the largest lease sale in the country’s history generated only lukewarm interest.

Companies bid on just 1% of the record 31.2 million hectares on offer in the Gulf. Winners tabled bids that averaged just $378 per hectare, 35% below levels seen in 2017, Reuters reported.