423 bids put up for offshore petroleum leases

Created: August 19, 2008 02:30 PM
Modified: August 19, 2008 02:30 PM

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NEW ORLEANS (AP) -- Energy companies have put up 423 bids for Wednesday's sale of offshore leases in the western Gulf of Mexico.

That region has recently attracted both deepwater explorers and those wanting to return to shallow areas in the hunt for natural gas.

The federal Minerals Management Service says 47 companies put up sealed bids for 319 tracts over the 18-million acre region. The bids will be opened Wednesday in New Orleans.

Last year's sale in the western Gulf nabbed $290 million for 282 leases.

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