Update On The GOM Lease This Past Week -- August 25, 2016

As posted yesterday, the GOM western area lease in Louisiana was a bust. From Rigzone today:

BHP Billiton Petroleum was the high bidder in the last federal Gulf of Mexico oil and gas lease sale of the Obama Administration, offering $9.9 million on 12 tracts in the Western Planning Area program in place between 2012 and 2017.

BP Exploration & Production Inc. followed BHP with more than $6 million in bids on 10 blocks. Exxon Mobil Corp. was the third company to participate in the August 24, 2016, sale and bid almost $2 million on two tracts.

Deepwater assets drew 40 percent more bids than other depths. In all, 24 bids were offered on 4,399 blocks for a total raise of $18,067,020.