Statoil leads charge with huge US Gulf cash splash

The Gulf is back: US Interior Secretary Ken Salazar

Reuters/AFP

By Blake Wright and Anthony Guegel Houston and New Orleans

 21 June 2012 22:59 GMT

Norway’s Statoil reinforced its commitment to the deep-water US Gulf with a huge cash splash at this week’s Central Gulf of Mexico Lease Sale 216/222.

The operator offered high bids valued at over $333 million on just 26 blocks, including the highest single bid of the sale — $157.1 million on Mississippi Canyon Block 718.

Block 718 is located just north of Shell’s prolific Mars/Ursa basin. Three others vied for the rights to the tract — US independent LLOG bid $28 million, and supermajors Shell and BP bid $6 million and $3 million respectively.

“If you’re going to put down $157 million just for the right to look, you must be pretty confident about the geology,” said Randall…

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