Western Gulf of Mexico Lease Sale Attracts ~$23 Million in High Bids

The Interior Department recently announced the results of Western Gulf of Mexico Lease Sale 246  off Texas.  The lease sales garnered nearly $22.7 million in high bids for 33 tracts covering ~190,080 acres.

Calling the Gulf of Mexico the “keystone of the Nation’s offshore oil and gas resources,” Bureau of Ocean Energy Management Director Abigail Ross Hopper noted that while “the continuing drop in oil prices and low natural gas prices obviously affect industry’s short-term investment decisions…the Gulf’s long-term value to the nation remains high and the President’s energy strategy continues to offer millions of offshore acres for development while protecting the human, marine and coastal environments, and ensuring a fair return to the American people.”