lease sale
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The Biden administration has appealed a district court decision to restart oil and gas leasing programs in the US. -
Regionwide US Gulf of Mexico (GOM) Lease Sale 256 generated $120,868,274 in high bids for 93 tracts in federal waters. The sale on 18 November featured 14,862 unleased blocks covering 121,875 square miles.
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Lease Sale 256 was originally set for August but was moved due to COVID-19’s impact on the oil and gas markets. Bids will be accepted by mail only due to the ongoing pandemic.
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The economic impact report looked at scenarios involving current policies and potential bans on both drilling permits and offshore leases.
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Wyoming sold the most parcels during the recent US Bureau of Land Management’s auction for oil and gas leases on federal land.
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Oil and gas operators played it safe in the latest offshore auction by placing about half the high bids typically made. As a result, the total dollar commitment for the round was the lowest since 2017.
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GAO believes BOEM often undervalues its tracts offered to operators in offshore lease sales.
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Australia’s BHP Billiton and the recently acquired Anadarko Petroleum submitted the largest dollar totals of high bids in US Gulf of Mexico Lease Sale 253.
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The major’s dominant showing in US Gulf of Mexico Lease Sale 252 propelled another rise in bids and dollars for the biannual regionwide auction.
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ExxonMobil and Hess led the way in the most active regionwide US gulf lease sale thus far.
