Companies have offered a combined $264 million for drilling rights in the Gulf of Mexico in a sale mandated by last year’s climate bill compromise
the administration could conduct, which could hinder companies' expansion plans.
The Department of Interior sale comes two days before a deadline set in last year's climate bill that Biden signed into law. Since it takes years to develop offshore parcels before crude is pumped, the leases could produce oil and gas long past 2030, when scientists say the world needs to have drastically cut greenhouse gas emissions to stave off catastrophic climate change.
ExxonMobil offered the high bids on 69 tracts in the northwest Gulf. The company in 2021 bid nearly $15 million for tracts in the same region, which includes shallow waters — less than 656 feet deep — where oil has mostly played out and there are few active leases. “We will work with the Department of Interior on plans for the blocks once they are awarded,” he said. “ExxonMobil takes a longterm business view, and we will evaluate the seismic and subsurface geology for future commercial potential.”
A lawsuit against Wednesday's sale is pending before a U.S. District judge in Louisiana. It takes 90 days for the government to evaluate any bids, which means they still could be blocked before being issued.
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