W&T Offshore apparent high bidder on 15 blocks in Gulf of Mexico Lease Sale 252
W&T Offshore announced the company was the apparent high bidder on 15 blocks in the Gulf of Mexico Lease Sale 252 held by the Bureau of Ocean Energy Management on March 20. W&T was the apparent high bidder on eight deepwater and seven shallow water blocks, which includes Garden Banks 173, Green Canyon blocks 3, 46, 47, 49, 91 and 92 and Mississippi Canyon 244 in the deepwater and Eugene Island blocks 357, 378, 393, 395, 396, Main Pass 286, and South Marsh 205 in the shallow water. These 15 blocks cover approximately 73,500 acres and, if awarded, the company will pay approximately $3.5M for all of the awarded leases combined, which reflects a 100% working interest in the acreage. All of the blocks have a five-year lease term, with the exception of one of the deepwater blocks which has a seven-year lease term. The royalty rate for eight of the blocks is 12.5%, and the remaining seven leases are at a rate of 18.75%.