Bidding underway for Massachusetts offshore prize

Another company has dropped out of the running for three new lease areas off the coast of Massachusetts. Six developers remain. In round 13 of the BOEM auction, two of them bid $30m for lease zone one, and another three bid $25m on zone three.

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Zone two received a single bid in this round for $22m.

The combined total of $77m has already beat the previous BOEM auction record of $25.5m for New York lease areas sold in 2016.

The Bureau of Ocean Energy Management set prices of roughly $250,000 for the first round of the auction, which will continue throughout the day.

The auction consists of a series of rounds. During each round, companies can choose to pay the new price tag or drop out of consideration.

Nineteen companies from Europe and the US are qualified to bid on the leases, but BOEM will not release the names of specific companies bidding on the leases until the conclusion of the auction.

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