Posted: Feb 7, 2013 4:22 PM
Source: Associated Press
NEW ORLEANS - More than 38 million acres in the Gulf of Mexico will go on the auction block next month.
The Bureau of Ocean Energy Management said the New Orleans sale will include about 7,299 federally-owned drilling tracts, three to 230 miles off the coasts of Louisiana, Alabama and Mississippi. The tracts are in water depths of nine to more than 11,115 feet.
The sale could mean an estimated 460 million to 890 million barrels of oil, and 1.9 trillion to 3.9 trillion cubic feet of gas.
The previous lease sale in November resulted in nearly $134 million in high bids, and included more than 20 million acres in the western Gulf of Mexico.