Deepwater tracts star in Gulf oil tract auction

AP News

11/28/2012 1:53:31 PM - AP News
NEW ORLEANS (AP) — Deepwater tracts got nearly all the bids in the third federal oil and gas lease sale of the year for the Gulf of Mexico.Of $133.8 million in high bids taken Wednesday in an auction at the Superdome, only $4.6 million was for areas less than a half-mile underwater.The Bureau of Ocean Energy Management offered about 20 million acres in the western Gulf, mostly off the Texas coast. It got 131 bids on 116 tracts, or about 652,500 acres. Seventy are at least 2,600 feet deep, and 35 others are much deeper.The area's last sale, last December, brought in more than $324 million in leases.