This Wednesday, Bureau of Ocean Energy Management Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease Sale 238. The sale, which offers more than 21 million acres for oil and gas exploration and development offshore Texas, will begin at 9:00 a.m. CDT on Aug. 20, 2014, at the Mercedes-Benz Superdome in New Orleans.
Lease Sale 238 is the sixth offshore sale under the administration’s Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017 (Five Year Program). The first five sales in the Five Year Program offered more than 60 million acres for development and garnered more than $2.3 billion in bid revenues.
Lease Sale 238 offers all unleased and non-protected areas in the Western Gulf of Mexico Planning Area, including 4,026 tracts from nine to more than 250 miles off the coast, in depths ranging from 16′ to more than 10,975′ (five to 3,346 meters). BOEM estimates the lease sale could result in the production of 116 to 200 million bbls. of oil and 538 to 938 billion cu. ft. of natural gas.
When bidding closed today, 14 companies had submitted 93 bids on 81 tracts for Western Sale 238. A map showing the location of tracts receiving bids will be available tomorrow at 7:00 AM CDT on the BOEM website at: http://www.boem.gov/Sale-238/.