The Bureau of Ocean Energy Management (BOEM) completed its required evaluation to ensure the public receives fair market value for tracts leased in Gulf of Mexico Regionwide Lease Sale 253, held on Aug. 21, 2019.
After extensive geological, geophysical, engineering, and economic analysis, BOEM has awarded 147 leases on tracts covering 812,000 acres to high bidders who participated in the sale. The accepted high bids are valued at $155 million. BOEM accepted the 147 bids after determining that the value of each bid was sufficient to provide the public with fair market value for each tract. The highest bid accepted was $22.5 million from BHP Billiton Petroleum (Deepwater) Inc. for Green Canyon 124.
During the sale, 27 companies participated, and 165 bids were received totaling $174.9 million on 151 tracts covering 835,000 acres of the Outer Continental Shelf (OCS). A total of $159.4 million in high bids was offered in the lease sale. Four bids were rejected totaling $4.4 million.