Hybrid auction success at NAPE

The Oil and Gas Clearinghouse hosted a successful ‘hybrid’ auction at the North American Prospect Expo.

Petroleum Place unit the Oil & Gas Asset Clearinghouse held a successful ‘hybrid’ auction of oil and gas properties at the North American Prospect Expo 2001 (NAPE) early this month.


The hybrid auction integrates simultaneous floor and Internet bidding during a live auction. At the NAPE show, 371 lots were on offer, with over 500 bidders. The Internet accounted for more than 16% of the total registered bidders who competed on over 80% of the lots.


NAPE attendees followed the bidding through a live video broadcast. An Internet browser tracked both Internet and floor bids. Registered bidders and viewers could monitor the progress of the sale and let NAPE attendees observe the dynamics of the auction.


Ken Olive, president and CEO of The Oil & Gas Asset Clearinghouse, commented, “This was a unique opportunity for the industry to observe the effectiveness of a hybrid live floor - Internet auction. We are extremely pleased with the results of the auction, and commend NAPE for hosting such an incredibly successful Expo with record attendance.”

Click here to comment on this article

Click here to view this article in context on a desktop

© Oil IT Journal - all rights reserved.