Last updated: August 28. 2013 4:36PM - 579 Views
Associated Press

Story Tools:

Font Size:

Social Media:

(AP) ConocoPhillips Co. made $50.3 million in high bids, including the day's highest single bid of $30.5 million, in the second-smallest federal oil lease sale for tracts off the Texas coast since area-wide sales began in 1983.

Twelve companies submitted $102.4 million in high bids on 53 blocks. ConocoPhillips bid on 31.

John Rodi, regional director of the federal Bureau of Ocean Energy Management, says the only previous sale in which a smaller number of western Gulf tracts attracted bids was in 1986 with 41 bids.

He says Wednesday's high bid total value was the seventh-lowest for the area.

ConocoPhillips' bid for a tract in the mile-deep water of Alaminos Canyon block 475 nearly equaled the record low total of 1992, when only $30.6 million in total high bids were submitted.

Associated Press
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com