Apache subsidiaries placed high bids on 14 blocks during the most recent Gulf of Mexico Lease Sale 227, the company announced on April 1, 2013.
(Image: Chevron-Statoil ASA)Apache said it was the sole bidder on nine shallow water blocks on the continental shelf, offering US$2.2 million. The company was also the high bidder on five deepwater blocks in the DeSoto Canyon, Green Canyon and Mississippi Canyon lease areas, offering $24.6 million. Apache will hold 50% interest in these leases.
Additionally, Apache partnered on seven blocks in the Main Pass area, forming a new joint venture with Apache holding a 75% working interest and operatorship. The JV is currently shooting seismic over a 633,000-acre area using new wide azimuth technology to collect data and images under and around salt dome structures.
The company holds a 100% working interest in its two other shelf leases acquired in the sale.
"With new acreage, new investments and new ideas, we expect that the Gulf of Mexico will continue to generate strong cash flows and excellent returns," said Jon Jeppesen, executive vice president of Apache.
Lease Sale 227 was held on March 20 in New Orleans. The sale received 407 bids from 52 companies on 320 tracts, with the high bids totaling more than $1.2 billion.
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