Texaco fuel card news: Chevron increases shallow water bidding
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18 March, 10 Energy companies issued winning bids totalling $949.3 million (£621.5 million) for Central Gulf of Mexico drilling tracts yesterday. A 65 per cent increase in oil prices since last year is thought to have fuelled the high bids, which totalled $703 million last year. Minerals Management Service (MMS), the agency that supervises drilling in the Gulf of Mexico, holds the auction every year. Lars Herbst, regional director for MMS, said: "We think it was a very healthy sale." Although more than half the tracts sold were for deepwater, there was an increase in shallow-water bidding. It was thought these easy-to-reach reserves ran out years ago, but new technology is allowing further extraction in shallow waters. Randall Luthi, president of the National Ocean Industries Association, said: "It looks like companies such as Chevron are starting to move back to the shallow water." "The more we explore in the Gulf, the more we find," he added. Posted by Sean Webb 
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