• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

U.S. offshore oil auction begins under court order, shadow of climate deal

November 17, 20215:15 AM Reuters0 Comments

Gulf offshore drilling operation

The Biden administration on Wednesday will auction oil drilling rights to 80 million acres in the U.S. Gulf of Mexico days after joining a global agreement that for the first time targeted fossil fuels as the main driver of global warming.

The sale by the Department of Interior will be the first under President Joe Biden, whose administration paused drilling sales under a promise to end development on federal properties. But Biden lost a court fight to oil-producing states that sued to reinstate the sales.

The administration has appealed and a suit by environmental groups seeking to halt the sale is pending. The U.S. is moving ahead to hold onshore lease auctions in several states early next year.

Interior’s Bureau of Ocean Energy Management will auction almost all available unleased Gulf of Mexico blocks, 80 million acres, at a live-streamed event on Wednesday morning.

It will be the first opportunity to test the oil and gas industry’s demand for Gulf acreage with energy prices at multi-year highs. U.S. crude futures on Tuesday settled at $80.76 a barrel, up 95% in the last 12 months.

The Trump administration’s final Gulf sale, held last November, generated a modest $121 million in high bids. But oil companies Royal Dutch Shell, BP and Chevron are seizing on the higher prices to advance offshore projects.

Despite the court-ordered resumption of auctions, Interior spokesperson Melissa Schwartz said the agency was “conducting a more comprehensive analysis of greenhouse gas impacts from potential oil and gas lease sales than ever before.”

 

Chevron Shell

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Venture Global begins producing LNG from Phase 2 of Plaquemines plant, sources say
  • Goldman Sachs raises Brent second-half 2025 price forecast by $5 to $66 a barrel
  • Keyera ‘Canadianizes’ natural gas liquids with $5.15 billion acquisition
  • Baytex Announces Granting of Exemptive Relief Regarding Its Normal Course Issuer Bid Program
  • Soaring Saudi exports and trade tensions will test oil price resilience: Bousso

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.