Cook Inlet lease sale garners $3M + in high bids

Cook Inlet Lease Sale 244, the first lease sale in Alaska’s federal waters since 2008, garnered $4,034,815 in high bids, all from Hilcorp Alaska LLC, for 14 tracts covering some 76,615 acres of Cook Inlet off of Southcentral Alaska, federal officials said.

“Today was the first time in nearly a decade that parcels off Alaska have been leased, noted Vincent De Vito, counselor to the Secretary for Energy Policy, in an announcement issued by the federal Bureau of Ocean Energy Management.

Cook Inlet Lease Sale 244 is the final one to be held under the 2012-2017 Outer Continental Shelf Oil and Gas Leasing Program.  It offered 1.09 million acres in Cook Inlet, comprising 224 blocks stretching roughly from Kalgin Island in the north to Augustine Island in the South.

Prior to this sale, 12 lease sales were held under the 2012-2017 five-year program, which offered about 73 million acres for development and generated about $3.275 billion in bid revenues.