Interesting Sale 259 items | Bud's Offshore Energy (BOE)

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Interesting Sale 259 items

March 30, 2023 by offshoreenergy

In the previous Gulf of Mexico sale (257), the $1.8 million bid submitted by BP and Talos for Green Canyon Block 777 was rejected. BP bid again for this block in Sale 259, but their bid was only $583,000. One would assume that this bid will also be rejected, but perhaps there is more to the story (new geologic data?).
Green Canyon 79 received a bid of $3.6 million at Sale 257, but no lease was ever issued. No explanation was provided and there were no bids for this block at Sale 259.
There was actually a second bidder, Focus Exploration, for one of the 69 “CCS blocks,” that Exxon seeks to acquire (see below). Exxon’s bid was higher. Does this mean that Focus, a company that is presumably interested in exploring for oil and gas, will lose the block to a company that bid on the block for purposes not authorized in the Notice of Sale?

Posted in CCS, Gulf of Mexico, Offshore Energy - General | Tagged bp, Exxon, Focus Exploration, Gulf of Mexico, Lease Sale 257, Lease Sale 259 | Leave a Comment

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