High Prices Boost Bidding for Oil Leases
March 16, 2006
High prices boost bidding for oil leases
High oil and natural gas prices figured heavily Wednesday as petroleum exploration companies put up $588.3 million in winning bids for 405 offshore tracts off the coasts of Louisiana, Mississippi and Alabama.
Meanwhile, Louisiana’s two senators are pushing legislation to get a share of federal royalties on Gulf oil and natural gas, while the governor has threatened to stop future lease sales if revenue isn’t shared.
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