DOE turns down all bids for Elk Hills crude

Journal Article · Mon Mar 30 04:00:00 EST 1992 · Oil and Gas Journal; (United States)

OSTI ID:5356604

This paper reports that the U.S. Department of Energy has rejected all bids submitted in the Mar. 5 semiannual sale of crude oil from Elk Hills Naval Petroleum Reserve (NPR-1) in California. DOE the all 19 bids for the 53,740 b/d of crude were too low. The bids ranged from $11.71 to $14.06/bbl, with the top bids for the highest quality Stevens zone crude averaging $13.25/bbl. California oil companies the they bid what the market would bear, explaining a surplus of Alaskan crude on the West Coast has driven down the price of local crudes, notably heavy crudes. DOE will extend the current oil purchase contracts through April while it issues a new request for bids. It planned to issue the solicitation Mar. 23 and receive bids Apr. 15.

• OSTI ID: 5356604
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:13; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

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02 PETROLEUM
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29 ENERGY PLANNING, POLICY, AND ECONOMY
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