BP Bidding On Gulf Of Mexico Oil Leases For First Time In Nearly Two Years
International Business Times
Published Mar 19, 2014 11:10AM ET
By Meagan Clark - BP Plc. (NYSE: BP) is back bidding on drilling rights in the Gulf of Mexico not far from the site where its Macondo deepwater well blew out and killed 11 people and created the biggest oilo spill in U.S. history.
The EPA and BP agreed earlier this month to lift a 16-month suspension from federal contracts that had blocked the British energy giant BP from bidding during the previous three auctions in the area.
The company joins 41 other oil and gas companies Wednesday morning in New Orleans to bid in the Department of the Interior’s high-stakes sale of tracts.
Eight of BP’s 13 bids are for blocks near the site of Macondo well that exploded in April 2010, which killed 11 workers and spilled millions of barrels of oil into the ocean.
During the last central Gulf sale in March 2013, the sale’s highest bid was $81.8 million, offered by Statoil and Samson. High bids totaled $1.2 billion.
Most of the 380 bids filed before the auction are for deep-water territory, according to pre-sale figures released by the Department of Interior. In March 2013, 52 companies filed 407 bids.
The auction was scheduled for 10 am EST but was then delayed about two hours.
Other big oil and gas companies to bid include ExxonMobil Corp. (NYSE: XOM), Chevron Corporation (NYSE: CVX) and Royal Dutch Shell Plc. (NYSE: RDS.A).
Get The News You Want
Written By: International Business Times
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.