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Last updated: August 28. 2013 4:36PM - 578 Views
Associated Press



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(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
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