Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Tulvio Durand who wrote (27553)	8/11/1998 10:54:00 PM
From: Snowshoe	Read Replies (1) of 95453

US DOE re-offers SPR oil storage, overhauls terms Tuesday August 11, 7:59 pm Eastern Time NEW YORK, Aug 11 (Reuters) - The U.S. Department of Energy (DOE) said Tuesday it has reissued an offer to lease oil storage in the Strategic Petroleum Reserve (SPR), after it failed to attract any bids from companies in its first solicitation. The DOE also said the terms of the offer have been changed, allowing companies to bid on a total of 20 million barrels of storage space in the SPR salt caverns along the Gulf Coast. Initially, the DOE had offered four solicitations of five million barrels each. But the agency received no acceptable bids for its first solicitation, which closed August 6. The DOE said its latest solicitation will remain open indefinitely. Companies can submit offers to deliver the oil between September and December. The first bids under the new terms are due by August 18. The DOE announced the original offer last month, saying it would take payment for the space in the form of oil in order to boost the reserve at a minimal cost to taxpayers. The SPR holds just 563 million barrels of oil at the moment, leaving 117 million barrels of spare capacity.

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