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MMS Auction Of Gulf Drilling Blocks Sets New Price Records - MF/MSNBC

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hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-08-07 12:39 PM
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MMS Auction Of Gulf Drilling Blocks Sets New Price Records - MF/MSNBC
Last week, the Minerals Management Service conducted the biggest Central Gulf of Mexico lease sale in over a decade. In case you had any doubt, the deepwater is still bringing in the dollars. The average bid per block touched a new record, and the total number of bids submitted more than doubled last year's total. This dance just keeps heating up.

At the top of the bidders' list were some familiar and expected names like Chevron (NYSE: CVX), Petrobras (NYSE: PBR), and Marathon Oil (NYSE: MRO). Marathon already has prospects in the Walker Ridge and Green Canyon areas, which drew some of the most interest in the bidding round. It makes sense, then, that the company bid a fierce $345 million to firm up its acreage positions.

One player that's new to me is Cobalt International Energy, a private operator backed by Goldman Sachs (NYSE: GS) and the Carlyle Group, among others. Watch out, Shell -- Cobalt is shelling out over $200 million on its high bids. This shows that the newcomer is serious about going toe to toe with the big boys, and it ought to be an interesting one to watch.

EDIT

http://www.msnbc.msn.com/id/21192446/
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