NEW ORLEANS, Aug. 21 (UPI) -- An auction for acreage in the western Gulf of Mexico drew more than $100 million in high bids from energy companies, the Interior Department said.
Acreage up for auction in Lease Sale 238 could lead to the production of between 116 million and 200 million barrels of oil and 538 billion and 938 billion cubic feet of natural gas, the U.S. Interior Department said.
The auction in New Orleans attracted $109 million in high bids for 81 tracts covering more than 433,000 acres off the coast of Texas. Deputy Interior Secretary Mike Connor said the bid totals are a testament to the importance of the Gulf of Mexico.
"The Gulf of Mexico has been and will continue to be a cornerstone of our domestic energy portfolio, with vital energy resources that spur economic opportunities and further reduce our dependence on foreign oil," he said in a statement.
Lease sales included under a five-year energy plan outlined by President Barack Obama have generated $2.3 billion in bid revenues. A consortium of energy industry leaders called the White House to open even more offshore areas to explorers when planning the next five-year plan, which would end in 2022.
