US Gulf of Mexico falls victim to exploration cuts

摘要

The latest lease sale for offshore blocks in the western US Gulf of Mexico attracted record low interest, a sign that the prolific oil-producing region is not immune to the slowdown in exploration spending. The Department of Interior’s Bureau of Ocean Energy Management (BOEM) offered 4,083 blocks covering 21.9mn acres (11,600km2) in the 19 August auction. But only five firms submitted bids for 33 blocks covering 190,000 acres. The high bids totalled less than $22.7mn. Interest in western US Gulf acreage has not been as low since the government launched area-wide offshore leasing in 1983, the BOEM’s acting Gulf of Mexico regional director Mike Celata says.