Government & Regulatory | Government Bids
W&T Offshore Picks Up 14 New GOM Blocks; Deepwater and Shallow Targets
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W&T Offshore was recently awarded new blocks in the Gulf of Mexico in the latest federal sale.
W&T was recently awarded 14 of the 15 blocks on which it was apparent high bidder in the Gulf of Mexico Lease Sale 252 held by the Bureau of Ocean Energy Management (BOEM) on March 20, 2019.
These 14 blocks add approximately 69,000 gross acres to W&T's offshore portfolio with the Company owning 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.
W&T was awarded eight deepwater and six shallow water blocks, which includes:
Deepwater:
- Garden Banks 173
- Green Canyon blocks 3, 46, 47, 49, 91 and 92
- Mississippi Canyon 244
Shallow:
- Eugene Island blocks 357, 378, 393, 395, 396
- South Marsh 205
Awarding of Main Pass 286 in the shallow waters is still pending with final action expected by June 30, 2019.
The royalty rate for eight of the blocks is 12.5%, and the remaining seven leases are at a rate of 18.75%.
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