BP, ConocoPhillips Lead Pack in Lukewarm Offshore Lease Sale
The U.S. government’s auction Wednesday of offshore oil and natural gas leases in western Gulf of Mexicowas tepid, at best, and attracted mainly large energy companies interested in snapping up tracts for deepwater drilling. Natural gas, which has seen its price plummet more than two-thirds since last year, got the cold shoulder, as producers avoided shallow water, gas-producing tracts. Energy giant BPled the pack with the 37 bids for $50.6 million. More than half of that amount — $28 million — went towards one deepwater tract in Keathley Canyon. Small producers were largely absent from the auction, which was dominated by U.S. biggies ConocoPhillips, Chevron and ExxonMobil. Brazil’s Petrobras also represented, with $10 million in bids. Company Total high…
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