Bud's Offshore Energy (BOE)

Only 13 companies participated in the lease sale:

• Chevron .
• Shell
• Walter
• Houston Energy
• LLOG (now owned by Harbour Energy)
• Oxy/Anadarko
• Woodside
• BP
• Red Willow
• Focus Exploration
• Renaissance Offshore
• Navitas Petroleum
• CL&F Offshore

The No-Shows:

US supermajors once active in the Gulf that have become perennial No-Shows:

• Exxon
• ConocoPhillips

International majors with a Gulf presence:

• Equinor
• Eni
• Total
• Petrobras
• Repsol

Typically active independents

• Arena
• Cantium
• Beacon Offshore
• Talos
• Kosmos
• Murphy

Why was the participation so poor?

• Only 3 months between BBG1 and BBG2
• Lease sale certainty reduces urgency
• Concerns about longer term policy changes?
• Mergers reduce participation and competition?
• New ownership, change in priorities?
• More limited geologic prospectivity?

It would be helpful to hear from some of the companies that chose not to participate.