2/7/2008

Shell was the highest bidder among seven companies vying for offshore leases in the Chukchi Sea. Shell submitted 275 high bids totaling $2.1 billion. It was unsuccessful on 27 tracts for which it had bid another $82 million. ConocoPhillips submitted 98 high bids adding up to $506 million. The government estimates the area contains 15 billion barrels of conventionally recoverable oil and 77 trillion cubic feet of conventionally recoverable natural gas.

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NYTimes.com

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