U.S. Department of the Interior
Minerals Management Service
Office of Communications
NEWS RELEASE
FOR RELEASE: |
December 10, 1997 | CONTACT: | Barney Congdon |
WESTERN GULF OF MEXICO SALE 168 NETS $599,587,041
The U.S. Department of the Interior's Minerals Management Service (MMS) announced today the completion of the two-phase bid evaluation process for Lease Sale 168. This record-breaking sale held August 27, 1997, received 1,224 bids on 804 tracts, the largest number in both categories in the history of OCS leasing in the Western Gulf.
Of the 1,224 bids received, MMS rejected 26 high bids totaling $16,341,605 as insufficient for fair market value. As a result, MMS awarded $599,587,041 in high bids.
"We were very pleased with this lease sale. This signals a continued era of growth for the Gulf of Mexico," remarked Gulf of Mexico Regional Director Chris C. Oynes. "We were surprised by the large number of bids in 6,000 to 10,000 feet of water. This sale, along with the record breaking Central Gulf Sale earlier this year, are clear indicators that the Gulf of Mexico continues to be an area of great interest to the oil and gas industry."
The top ten companies with single winning bids on Sale 168:
| Company | Tracts | Company | Tracts |
| Shell Deep Water | 102 | Texaco | 18 |
| BP Exploration & Oil Inc. | 79 | Shell Offshore | 14 |
| Exxon Corporation | 66 | Amoco Production | 13 |
| Chevron U.S.A. Inc. | 64 | Conoco | 13 |
| Union Oil Co. of California | 43 | Sun Operating | 12 |
The MMS is the federal agency that manages and regulates the Nation's natural gas, oil, and other mineral resources on the OCS, and collects, accounts for, and disburses about $4 billion yearly in revenues from offshore Federal mineral leases and from onshore mineral leases on Federal and Indian lands.
-MMS-
MMS Internet website address: http://www.mms.gov
24 hour Fax-on-Demand Service:(202) 219-1703
Editor's Note: Related statistical data can be found on the MMS website. From the Homepage, click on Managing Offshore Resources, then Gulf of Mexico, then Lease Information, Sale 168.