Gulf lease auction coming in June

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2012-05-21

Around seven thousand oil and natural gas blocks will be put up for auction by the US government in June.

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The US Interior Department and Bureau of Ocean Energy Management are combining to lease the properties which are expected to be in high demand from world oil companies.

The Gulf of Mexico leases encompass more than 38 million acres of ocean floor, with more than one billion barrels of oil and four trillion cubic feet of natural gas to be mined.

Gulf of Mexico oil leases are on the US Outer Continental Shelf with blocks situated beyond five miles offshore.

It is expected the minimum bid for the deep-water sites will be achieved at $100 per acre.

Source: Europe News.Net

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