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"These are clearly unsure times, with COVID-19 and the low oil cost," Celata said. "I'm happy, 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 decreased worldwide oil need and low oil rates brought on by the COVID-19 pandemic.

"Back in the 2014 period, we utilized to have billion-dollar auctions," Yahya said. "We're actually scraping the bottom of the barrel here." There were 105 quotes positioned throughout the Wednesday auction a recovery from March when only 84 were put, but below 165 in August of 2019. The highest quotes were placed 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 business, including a subsidiary of Murphy Oil, which just recently stated it would move its head office to Houston from Arkansas, made smaller offers. Murphy positioned $5. 3 million in quotes. Company authorities decreased to comment during an interview on whether holding the lease sale was encouraged by the inbound Biden administration's position on renting federal lands and waters for oil production.

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This auction had actually been pressed back from August, authorities stated, due to COVID-19 (although Yahya stated the delay was likely an effort to wait for oil costs to stabilize following the governmental election). "Without discussing proposed policy by incoming 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. "A budget friendly and reliable energy supply is important to a strong America," Staples stated. Solution Can Be Seen Here criticized the lease sale as a desperate effort by the Trump administration to favor the oil and gas industry instead of transferring to shift the U.S. to kinds of energy that are less carbon-intensive.

"This lease sale is putting fuel on the flames of environment modification," said Emma Pabst, an international warming options promote with Environment Texas. "It's gradually burning through what little time we have left to act." Disclosure: BP America,.