GoM parcel bids less than 1%

Oil companies bid on less than 1 percent of the parcels offered in a second 2018 U.S. auction of Gulf of Mexico exploration leases Aug. 14. Exxon Mobil Corp. was awarded 25 blocks, the largest, followed by BP Plc with 19, and Hess Corp. and Equinor with 16 apiece. Smaller companies, including Talos Energy Offshore, Houston Energy, and W&T Offshore were among the top 10 high bidders. In total, 23 firms bid in the U.S. Bureau of Ocean Energy Management's auction. In all, there was $178M worth of high bids, up from $124M in March. Companies submitted bids for 144 parcels offered, less than 1 percent of the 14,575 available blocks, and fewer than the spring auction (148 bids). Exxon bid $40.5M for its parcels, the most of any company, while Hess submitted the highest bid for a single block: $25.9M. (Source: Marine Link 08/15/18)