BP, Chevron and Shell were among the top bidders on Wednesday at the U.S. government's first sale of oil and gas drilling rights in the Gulf of Mexico since 2023…
BP, Chevron and Shell were among the top bidders on Wednesday at the U.S. government's first sale of oil and gas drilling rights in the Gulf of Mexico since 2023.
The auction, which ended with $279.4 million in high bids, was the first of 30 mandated by U.S. President Donald Trump's tax cut and spending bill, which he signed into law in July.
His administration's plans for offshore leasing are a significant departure from that of his predecessor, President Joe Biden, which had planned for a historically small number of oil and gas auctions as part of an effort to move away from fossil fuels and address climate change.
"We're entering a new era of offshore American energy dominance," Matt Giacona, acting director of the U.S. Bureau of Ocean Energy Management, said at the start of the auction, which was broadcast online.
BOEM said 30 companies submitted a total of 219 bids on 1.02 million acres, about 1.3% of the acreage offered.
BP was the most frequent bidder, according to sale documents, followed by Chevron and Shell. Other top bidders included Anadarko, LLOG Exploration Offshore, Talos Energy and Murphy Exploration & Production.
The auction's highest bid was nearly $18.6 million, from
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