The US Department of the Interior (DOI) has announced that the Western Gulf of Mexico lease-sale has yielded almost $110m in high bids on more than 400,000 acres offshore Texas, US.
The lease sale is part of President Barack Obama’s strategy to continue the expansion of domestic energy production.
The lease sale 238 yielded $109.95m in high bids for 81 tracts covering 433,823 acres on the US Outer Continental Shelf offshore Texas, US.
A total of 14 offshore energy firms have submitted 93 bids, the DOI said.
The sale offered 21.6 million acres in the Western Gulf of Mexico planning area, including 4,026 tracts from nine to over 250 miles off the coast, in depths ranging from 16ft to more than 10,975ft.
The lease sale is expected to result in the production of 116 to 200 million barrels of oil and 538 to 938 billion cubic feet of natural gas.
The DOI said that 167 of the blocks available for lease were situated or partially located within three statute miles of the maritime and continental shelf boundary with Mexico.
Leases are subject to the terms of the US-Mexico Transboundary Hydrocarbon Reservoirs Agreement and 24 blocks have received bids.
US Interior Deputy Secretary Mike Connor said: "This sale underscores the president’s commitment to create jobs and home-grown energy through the safe and responsible exploration and development of offshore energy resources.
"The Gulf of Mexico has been and will continue to be a cornerstone of our domestic energy portfolio, with vital energy resources that spur economic opportunities and further reduce our dependence on foreign oil.
"The Gulf of Mexico is one of the most productive basins in the world, and the Obama Administration’s robust Five Year Program supports a balanced approach that encourages the development of the Gulf’s offshore oil and gas resources, while protecting the human, marine and coastal environments and ensuring a fair return to the American people."