High Prices Boost Bidding for Oil Leases
Posted on: Thursday, 16 March 2006, 18:00 CST
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.
STORIES, PAGE 1D
Source: Advocate; Baton Rouge, La.
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