Seeking Alpha

BP bidding on Gulf of Mexico acreage in today's government sale

  • BP (BP +0.4%) is bidding on new drilling rights in the Gulf of Mexico for the first time in nearly two years, submitting 13 bids in the Interior Department’s sale of tracts in the central Gulf of Mexico set to begin today in New Orleans.
  • Eight of BP’s bids are for blocks in the Mississippi Canyon leasing area, near the site of the company’s infamous Macondo well.
  • Last week's deal between BP and the EPA to lift the company's 16-month suspension from bidding in the previous three U.S. government auctions of the area cleared the way for BP's participation.
  • Beyond BP, other major oil companies including Exxon Mobil (XOM), ConocoPhillips (COP), Chevron (CVX), BHP Billiton (BHP), Royal Dutch Shell (RDS.A, RDS.B) and Statoil (STO), as well as smaller independents, are vying for central Gulf acreage in the sale.
Comments (8)
  • Debutant
    , contributor
    Comments (1900) | Send Message
     
    I don't know who will get those drilling rights, but I do know that one or more of the equipment and services suppliers will be renting out drilling equipment, rigs, etc. to the winner.

     

    Discl.: SDRL, ESV investor (and a few others)
    19 Mar, 11:36 AM Reply Like
  • pencilskirtartist
    , contributor
    Comments (35) | Send Message
     
    Yes, plus there are some other planned auctions and deals with Pemex on the drawing board for the deep water plays they have to partner with. Another reason nationalized oil companies need us to finance their populists agendas.

     

    My understanding is the well head pressure on these deep Gulf shelfs are like off the charts. So the integrated oil companies need to plan accordingly.
    19 Mar, 01:09 PM Reply Like
  • sweeps63
    , contributor
    Comments (932) | Send Message
     
    Just saw an article of Shell's discovery off Malaysia with continued investigation for size. Anyone have any insights into the Columbia request for bids?
    19 Mar, 04:14 PM Reply Like
  • saratogahawk
    , contributor
    Comments (1567) | Send Message
     
    13 blocks in Columbia
    28th seaward bidding off uk coming soon
    19 Mar, 06:06 PM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (658) | Send Message
     
    BP should be permanently banned from drilling in the gulf of Mexico.

     

    Don't even let those guys be in charge of catching dogs on those rigs.
    19 Mar, 12:24 PM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (658) | Send Message
     
    Bp should stand for bad practices given their horrible history.
    19 Mar, 12:25 PM Reply Like
  • arthur_bishop1972
    , contributor
    Comments (2142) | Send Message
     
    Lol...like Macondo never happened. That's business.
    19 Mar, 02:31 PM Reply Like
  • Sittingcrow
    , contributor
    Comments (97) | Send Message
     
    @Capt, you're obviously not a captain of anything having to do with offshore drilling. Get a grip: BP; XOM; Dow; GM; Toyota & on & on. It's me, it's you, it's us, it's them. It's a dirty, deadly world we've created to live in.
    19 Mar, 09:34 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|