NEW ORLEANS (AP) — With oil and natural gas prices far below those from a year ago, bids for the federal sale of offshore tracts in the central Gulf of Mexico fell by more than half.
The Minerals Management Services says 56 companies submitted 476 bids on 348 tracts in federal waters off the coasts of Louisiana, Mississippi and Alabama — a key energy producing region for the United States. The bids will be opened Wednesday in New Orleans.
Last year’s central Gulf sale attracted 78 companies that put up 1,057 bids on 615 tracts. The sale tallied a record $3.67 billion in winning bids.
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