U.S gov't nets 111.4 million dollars in high bids for offshore energy leases

The U.S. federal government has accepted 111.4 million U.S. dollars in high bids for 155 offshore energy leases off the coast of Texas, officials said Thursday.

The leases were sold in an auction on Aug. 19 in New Orleans, said the Minerals Management Service (MMS), the federal agency in charge of offshore energy production.

However, MMS rejected high bids of about 4 million U.S. dollars on seven tracts because they did not represent fair-market value, the agency said.

The highest bid accepted was 28.1 million dollars from BP Exploration & Production Inc., for a tract known as Keathley Canyon Block 96, which is located in nearly 5,000 feet of water, MMS said.

Source:Xinhua