US Signs Off On $1.2B In Gulf Offshore Lease Sales

Law360, New York (July 23, 2013, 4:42 PM EDT) -- The Bureau of Ocean Energy Management said Monday that it's formally awarded oil and gas leases for central Gulf of Mexico blocks auctioned off for $1.2 billion in March, but also rejected some $15 million in high bids after determining they were too low.

Known as Lease Sale 227, the auction included 7,299 blocks that covered more than 38 million acres off the coasts of Louisiana, Mississippi and Alabama. More than 400 bids were made by 52 oil and gas companies, with the highest one —...
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