• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 19 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 20 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Green Chemistry Breakthrough: Researchers Create Ethylene from CO2

Green Chemistry Breakthrough: Researchers Create Ethylene from CO2

University of Cincinnati engineers have…

£2.99 Long Haul Electric Bus Pilot Launched in UK

£2.99 Long Haul Electric Bus Pilot Launched in UK

FlixBus has launched a three-month…

Largest Gulf of Mexico Lease Sale In History Attracts Lukewarm Interest

The Interior Department’s U.S. Gulf of Mexico Lease Sale 250 attracted $139 million in bids concentrated in deepwater offshore Louisiana and others areas near the Mexican border, according to a report by S&P Global Platts.

While this sale was the largest for the body of water in history, the new round of lease sales bested the previous edition by $4 million, which is a relatively small difference overall.

Still, bidding in the Mississippi Canyon area was active, with a string of multimillion-dollar bids being topped by a $7 million offer by Total. Chevron won the rights to another block in the southern Mississippi Canyon. A $2.9 million bid by BP won the U.K-based firm a block in the area as well.

In previous months, analysts said the oil and gas industry’s response to the Trump administration plan to open almost all of the U.S. continental shelf for drilling leases will likely be slow.

The draft program, which would replace President Barack Obama’s leasing plan through 2022, which restricted drilling in the Arctic and other federal waters, fulfills the White House’s promise to encourage the American fossil fuel sector, even as the international community opts for renewable and alternative energies in the fight against climate change.

If the proposal is adopted, 47 potential lease sales could open up 25 of 26 planning areas, with the exception being Alaska’s North Aleutian Basin, which was deemed off limits by President George W. Bush, according to a report by Oil and Gas Investor. Nineteen sales would still proceed in offshore Alaska, seven in the Pacific, twelve in the Gulf of Mexico and nine in the Atlantic.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Tito Lafluer on March 22 2018 said:
    I’m not surprised this lease sale didn’t attract more interest. Why would it with the abundance oh highly profitable , on shore shale assets ?

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News