Gulf lease sale draws $264 million in bids for offshore drilling
and comes at a time of increasing controversy around the development of large fossil fuel projects that stand to generate greenhouse gas emissions for decades.
More than 30 companies, including BP and Occidental Petroleum, were awarded the the right to develop oil and gas fields across 1.6 million acres of the Gulf of Mexico. Almost half the winning bids came on blocks in the deepwater Gulf, some as far as 40 miles offshore and at depths of more than a mile, as oil companies seek out reserves farther and farther out to sea.
The administration's offshore drilling policies have drawn criticism from the oil sector. It is not only late in instituting a new five-year plan for offshore drilling, but Interior Secretary Deb Haaland has raised the possibility of holding no lease sales in the Gulf after this year.
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