Drill pipe is seen below a drilling rig on a lease owned by Oasis Petroleum  in

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"These are clearly uncertain times, with COVID-19 and the low oil cost," Celata said. "I'm delighted, provided everything that has actually happened, at the size of the sale. The Gulf has a long future [for oil production]" Expectations for the sale were dim due to the fact that of decreased international oil need and low oil prices triggered by the COVID-19 pandemic.

"Back in the 2014 era, we utilized to have billion-dollar auctions," Yahya stated. "We're really scraping the bottom of the barrel here." There were 105 bids put during the Wednesday auction a healing from March when only 84 were positioned, however down from 165 in August of 2019.  oilrigsnow.com  were positioned by subsidiaries of European oil business Royal Dutch Shell, Equinor and BP, all of which positioned more than $17 million in quotes, with Shell investing 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 move its head office to Houston from Arkansas, made smaller deals. Murphy positioned $5. 3 million in bids. Agency officials declined to comment during an interview on whether holding the lease sale was encouraged by the inbound Biden administration's stance on leasing 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 incoming administration authorities, our lease blocks are provided lots of times," stated Kate Mac, Gregor, deputy secretary of the Department of the Interior.

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reliance on more carbon-intensive coal-fired power plants. "A budget-friendly and trusted energy supply is necessary to a strong America," Staples stated. Environmental groups criticized the lease sale as a desperate effort by the Trump administration to prefer the oil and gas industry rather of transferring to transition the U.S. to forms of energy that are less carbon-intensive.

"This lease sale is putting fuel on the flames of environment modification," said Emma Pabst, a worldwide warming solutions promote with Environment Texas. "It's gradually burning through what little time we have actually delegated act." Disclosure: BP America,.