Millions Bid in Petroleum Leases off Alabama's Coast

New Orleans, Lousiana –
(AP) - The federal government has accepted $690.2
million in high bids for 328 offshore petroleum leases off the
coasts of Louisiana, Mississippi and Alabama.
Seventy energy companies submitted 476 bids on 348 tracts in
March's sale of leases in the Central Gulf of Mexico by the federal
Minerals Management service.
The MMS says it rejected high bids of $12.8 million on 19 tracts
because the bids did not reach fair market value.
The single highest bid was $65.6 million by Shell Gulf of Mexico
for a deepwater lease.

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