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Oil firms bid record for Gulf search rights
In New Orleans, oil companies offered 2.1 billion for offshore Gulf of Mexico leases, forming combines despite criticism that joint bidding raises prices and harms independents. Shell led deepwater bids with partners, while Exxon bid alone. The Interior Department will select accepted bids later. if approved, royalties and drilling permits apply, with production years away.
MENTIONED IN THIS ARTICLE
Gulf
New Orleans
Louisiana
Interior Department
Shell Oil Co
Mobil
Texaco
Sheil
Shell Group
Amoco
Exxon
Mississippi
Alabama
Florida
Shell
Jack Threatt