After months of legal wrangling, the latest Gulf of Mexico oil and gas auction happened Dec. 20 with 26 companies submitting $441.9M worth of bids to lease tens of millions of acres for offshore drilling.
Of that total, $382M represented successful bids, according to Bureau of Energy Management officials. More than 72M acres were made available.
The auctions allow companies to lease space in offshore waters and explore for oil and gas.
The American Petroleum Institute, the nation's largest oil and gas lobbying group, said Wednesday's bid total was the highest for an offshore auction in nearly a decade.
Before the final numbers were calculated, U.S. Sen. Bill Cassidy (R-La.) had already hailed the auction as a win for the nation’s energy sector.
Offshore O&G auctions will be few and far between in the near future. The Biden administration’s next five-year plan for offshore leasing calls for three offshore auctions through 2029, all in the Gulf of Mexico. None will be held in 2024. (NOLA.com 12/20/23) Gulf of Mexico oil auction nets $422 million in bids | Business News | nola.com
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