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Deepwater Gulf of Mexico - America's Expanding Frontier
SOURCE: U.S. Department of the Interior, Minerals Management Service, Gulf of Mexico OCS Region
BIDDING AND LEASING TRENDS
The Gulf experienced a lull in leasing activities in 1999 ó about a four-fold decrease compared with the
Note that shelf leasing has once again outpaced leasing in water depths greater than 800 m (2,625 ft).
Figure 25b shows the total amount of money spent annually for leases in each water-depth range. Large financial investments were made by the oil and gas industry from 1996 through 1998. Bid amounts were depressed in 1999, moderately increased to 2001, and slightly decreased since that time.
Most important for lease trend analysis is the average bid amount per lease as depicted in figure 25c.
Overall, the average bid price for all deepwater leases steadily increased from 1992 through 2001.
The rejection trend reflects the fact that, as more deepwater fields began production, they provided analogs (with high production rates, thick reservoir sections, and
production infrastructure) and thus reduced the risk on similar deepwater blocks, leading to an increase in
the estimated net present worth of the unleased deepwater blocks.
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LEASING DRILLING AND DEVELOPMENT RESERVES AND PRODUCTION SUMMARY AND CONCLUSIONS Feedback