DOI Scores $950M In Gulf Of Mexico Oil Lease Auction

Law360, New York (March 18, 2010, 5:31 PM EDT) -- The federal government has received more than $949 million in high bids for oil and gas leases on millions of acres in the Gulf of Mexico off the coasts of Louisiana, Mississippi and Alabama.

The highest bid at Wednesday's Minerals Management Service-run lease auction came from Anadarko E&P Co. LP and Mariner Energy Inc., which offered $52.56 million for the Walker Ridge tract, nearly 200 nautical miles due south of Louisiana's Terrebonne Bay.

Overall, the U.S. Department of the Interior agency received 642 bids on 2.4...
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