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Four offshore wind tracts offered in Texas lease sale
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The Texas General Land Office is offering four tracts off the state’s coast in the U.S. Gulf of Mexico to bidders for the Oct. 2 lease sale. Four counties, Jefferson, Brazoria, Calhoun and Cameron, each have a tract made available to wind energy developers. The tracts cover large areas of between 12,240 acres and 23,040 acres. Each of the tracts has a minimum bid of US$20,000.
The General Land Office explained, “These tracts may be subject to existing oil and gas leases and other encumbrances. The windpower lessee must coordinate with other lessees and permitees to ensure that rights granted under such leases and permits are not unreasonably affected.”
The minimum production royalty based on gross revenue on all four tracts starts at 3.5 percent for the first eight years, then moves up to 4.5 percent for the next eight years, and makes a final jump to 5.5 percent for years 17 through 30. The minimum annual royalty is US$4,100 per MW installed for the first eight years, then US$5,500 per MW installed for years nine through 16, and finally US$7,000 per MW installed for the next 14 years. Each tract must have a minimum installed capacity of 250 MW.
Each wind energy bid must include a check for the cash bonus being offered on the tract. Bids received from unsuccessful bidders will be returned. All sealed bids must be submitted no later than 10:00 a.m. on Oct. 2 at the General Land Office in Austin, Texas.
6 September 2007
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