Statoil (STO) Was Highest Bidder on 26 Gulf of Mexico Leases; Bolsters Presence by 8%

June 20, 2012 3:05 PM EDT
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Statoil (NYSE: STO) was the high bidder on 26 leases in the first lease sale in the Central Gulf of Mexico since March of 2010.

With the addition, Statoil will control more than 350 leases in the Gulf of Mexico, further securing its significant lease holder position.

The lease sale on June 20 was conducted by the Bureau of Ocean Energy Management (BOEM).

Statoil's winning bids are subject to review and final approval by the BOEM. This may take up to 90 days.

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