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Article: Firms win royalty-in-kind bids.(Minerals Management Service sells crude oil from the Gulf of Mexico and Pacific Ocean to seven companies)(Brief article)
- Article from:
- The Oil Daily
- Article date:
- August 22, 2006
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The federal Minerals Management Service (MMS) reported Monday that more than 8.5 million bbl of royalty-in-kind crude oil from the Gulf of Mexico and the Pacific Ocean has been sold to seven companies.
Submitting winning bids for the crude were Chevron Products, Shell Trading, Exxon Mobil, Plains Marketing, Marathon Petroleum, Citadel Energy Products and ConocoPhillips. An MMS official said the contracts for the crude, or about 47,000 b/d, are for six-month terms with delivery scheduled to start Oct. 1.
Under the royalty-in-kind program, the deals involve an aggregation ...