Government nets $111 million in offshore sale

AP News
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Posted: Dec 10, 2009 5:39 PM

The federal government has accepted $111.4 million in high bids for 155 offshore energy leases off the coast of Texas.

The leases were sold last August in New Orleans by the Minerals Management Service. The agency rejected high bids of just over $4 million on seven tracts as not being of fair market value.

The highest accepted bid, announced Thursday, was $28.1 million by BP Exploration & Production Inc. for a tract located in about 4,900 feet of water.