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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Gameboy who wrote (28375)	8/26/1998 11:04:00 AM
From: TulipMania	Respond to of 95453

(REUTERS) Five deepwater GulfMexico blocks get bids-MMS =2 Five deepwater GulfMexico blocks get bids-MMS =2 Some 3,770 unleased blocks across 20.59 million acres off the coasts of Texas and Louisiana were initially offered in the sale, number 170. But only 402 blocks received bids, or only about half the number that attracted bids in the previous Western Gulf sale last August. The Interior Department's Mineral Management Service (MMS) closed its offer for the blocks on Tuesday and are due to announce the results here Wednesday. Low oil prices has been cited by analysts as one factor limiting the interest in the current round, with U.S. benchmark prices having plummeted more than 40 percent since last autumn to around $13 a barrel currently. Also, the current area up for sale is considered less promising than other hotly sought after areas. Reserve estimates range widely, with the MMS estimating that between 10 million and 90 million barrels of oil could rest in the waters of the western Gulf and between half a trillion to two trillion cubic feet of natural gas. ((Paul Thomasch, New York Energy Desk, +1 212 859 1620)) REUTERS * end of story *