An offshore production. Photo from RWPC
The energy development arm of the Southern Ute Tribe of Colorado was the second-highest bidder in an offshore oil and gas lease auction held by the Interior Department on Wednesday. Red Willow Offshore, a part of Red Willow Production Company, won $59 million in leases in the Gulf of Mexico. That was second only to the $78.6 million in bids from energy giant Chevron. The tribe's company also was responsible for the largest single bid of $52.2 million. Overall, Red Willow Offshore won high bids on eight tracts in the areas off Louisiana, Mississippi and Alabama. “The Gulf remains a critical component of our nation’s energy portfolio and holds important energy resources that spur economic opportunities for Gulf producing states, creating jobs and home-grown energy and reducing our dependence on foreign oil,” Secretary Sally Jewell, who opened the lease sale, said in a press release. “While this sale reflects today’s market conditions and industry’s current development strategy, it underscores a steady, continued interest in developing these federal offshore oil and gas resources.” The auction brought in $583.2 million, DOI said. Last year's sale brought in $850 million. Get the Story:
Colorado Indian tribe among Top 5 bidders from this week's Gulf of Mexico drilling lease sale (The New Orleans Times-Picayune 3/19)
Even with fewer players, Gulf oil bids top $500 million (The Houston Chronicle 3/19)
Newcomers, but not BP, among top Gulf lease bidders (The Houston Business Journal 3/19)
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