Results show the oil and gas industry still has interest in the Gulf of Mexico as market conditions improve.In all, the amount of bids for the March 22 sale totaled $315.3 million, more than 40% higher than the $179 million in bids generated during the last central GoM lease sale. The number of high bids also dwarfed the previous central sale held about a year ago—$274.8 million compared to $156.4 million in 2016, according to the Bureau of Ocean Energy Management (BOEM).Although the industry remains in recovery mode, with oil prices having dipped in recent weeks as American shale drillers crank up production while OPEC and some non-OPEC producers hold back, the results were seen as positive. Twenty-eight companies participated—only two less than the previous sale—and submitted 189 bids on 163 tracts.
[Read More …]
Source: Daily Dose of ShaleDirectories.com News