Arena Energy awarded seven Gulf of Mexico blocks in Lease Sale 259

Sept. 14, 2023
Arena Energy LLC was awarded seven leases by the Bureau of Ocean Energy Management (BOEM) in Lease Sale 259, the Gulf of Mexico Shelf-focused company said in a release Sept. 14.

Arena Energy LLC was awarded seven leases by the Bureau of Ocean Energy Management (BOEM) in Lease Sale 259, the Gulf of Mexico Shelf-focused company said in a release Sept. 14.

Arena was the successful high bidder on seven leases in the lease sale held Mar. 29 (OGJ Online, Mar. 29, 2023). The leases—totaling 34,965 acres—range in water depth from 62 to 217 ft in the Gulf of Mexico off the coasts of Texas and Louisiana in the Eugene Island, Main Pass, and Matagorda Island areas, the company said.

Thirty-two companies participated in the sale, and a total of $263.8 million in high bids were offered on 313 tracts, according to the Bureau of Ocean Energy Management.

After geological, geophysical, engineering, and economic analyses, BOEM awarded a total of 299 leases on tracts covering about 1,599,448 acres. The accepted high bids are valued at $250,556,978.