A united state federal government oil as well as gas lease sale covering the Western Gulf of Mexico amassed simply $18 million in high quotes on Wednesday, a representation of the extended weak oil as well as gas market.

According to the BOEM, today’s sale provided 23.8 million acres in government waters offshore Texas for oil as well as gas expedition as well as growth. An overall of 3 overseas power business joined 24 quotes for 24 systems covering 138,240 complete acres. The amount of the high quotes amounted to $18,067,020.

For contrast, a Western Gulf of Mexico lease sale kept in August 2014, when the rate of oil was still floating around $100 per barrel, obtained an overall of $109,951,644 in high quotes.

“The Gulf of Mexico continues to be one of the most productive basins in the world and is an important part of our Nation’s domestic energy portfolio,” statedHopper “Though this sale reflects today’s market conditions and industry’s current development strategy, the bidding confirms that there is continued interest in the deepwater areas of the Gulf”.

Today’s public auction in New Orleans is the eleventh Gulf of Mexico overseas sale as well as the last one for the Western Planning Area under the Administration’s Outer Continental Shelf Oil as well as Gas Leasing Program for 2012-2017 (Five Year Program). The initially 10 sales in the present Five Year Program have actually provided greater than 60 million acres as well as netted virtually $3 billion for American taxpayers.

Sale 248 consisted of around 4,399 blocks, situated from 9 to 250 maritime miles offshore, in water midsts varying from 16 to greater than 10,975 feet (5 to 3,340 meters). As an outcome of using this location for lease, BOEM approximates a series of financially recoverable hydrocarbons to be uncovered as well as generated of 116 to 200 million barrels of oil as well as 538 to 938 billion cubic feet of gas.