SDRL customer, BP, is for the first time in nearly 2 years bidding on new tracks in the Gulf of Mexico.
BP 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.
If offshore drilling is a bad investment, then why did BP and others just pony up almost $1 B today for new tracts in the Gulf, see below.
• BP, which had been forced to sit out the last three auctions under a government contract suspension, won 24 of its 31 bids for drilling leases in the central Gulf, including territory near its failed Macondo well.
• The highest single bid came from Freeport McMoRan (FCX), which pledged $69M and beat out five other companies for the rights to drill a tract in the Atwater Valley leasing area, home to at least five discoveries.
• FCX won 16 of its 17 bids with a $321M price tag, more than three times as much as the next-biggest spender, Chevron (CVX), which scored $103M in high bids; Murphy Oil (MUR) was no. 3 with 16 bids totaling nearly $50M.
• Cobalt Energy (CIE) was the most aggressive bidder, winning 44 of 46 offers worth $26M.
To the short parasites who post on this board, we are not stupid nor dishonest like you.