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"These are plainly unsure times, with COVID-19 and the low oil price," Celata stated. "I'm delighted, provided whatever that has happened, at the size of the sale. The Gulf has a long future [for oil production]" Expectations for the sale were dim because of reduced worldwide oil demand and low oil prices triggered by the COVID-19 pandemic.

"Back in the 2014 era, we used to have billion-dollar auctions," Yahya said. "We're truly scraping the bottom of the barrel here." There were 105 bids placed during the Wednesday auction a healing from March when only 84 were placed, however down from 165 in August of 2019. The greatest bids were placed by subsidiaries of European oil companies Royal Dutch Shell, Equinor and BP, all of which put more than $17 million in quotes, with Shell spending the most on Wednesday at $28 million.

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A handful of Texas energy companies, consisting of a subsidiary of Murphy Oil, which just recently stated it would relocate its head office to Houston from Arkansas, made smaller deals. Murphy positioned $5. 3 million in bids.  Find Out More Here  decreased to comment throughout an interview on whether holding the lease sale was encouraged by the incoming Biden administration's stance on renting federal lands and waters for oil production.

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This auction had actually been pushed back from August, officials stated, due to COVID-19 (although Yahya said the hold-up was likely an effort to wait on oil prices to support following the governmental election). "Without commenting on proposed policy by inbound administration officials, our lease blocks are offered sometimes," stated Kate Mac, Gregor, deputy secretary of the Department of the Interior.

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dependence on more carbon-intensive coal-fired power plants. "An affordable and reputable energy supply is vital to a strong America," Staples stated. Ecological groups criticized the lease sale as a last-ditch effort by the Trump administration to favor the oil and gas industry rather of moving to shift the U.S. to forms of energy that are less carbon-intensive.

"This lease sale is putting fuel on the flames of climate modification," stated Emma Pabst, a global warming options promote with Environment Texas. "It's steadily burning through what little time we have left to act." Disclosure: BP America,.