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"These are plainly unpredictable times, with COVID-19 and the low oil price," Celata said. "I'm happy, given whatever that has actually taken place, 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 rates brought on by the COVID-19 pandemic.

"Back in the 2014 age, we used to have billion-dollar auctions," Yahya stated. "We're really scraping the bottom of the barrel here." There were 105 quotes positioned during the Wednesday auction a healing from March when only 84 were placed, but below 165 in August of 2019. The greatest bids were positioned by subsidiaries of European oil business Royal Dutch Shell, Equinor and BP, all of which placed 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, including a subsidiary of Murphy Oil, which just recently stated it would relocate its headquarters to Houston from Arkansas, made smaller deals. Murphy put $5. 3 million in quotes. Read More Here declined to comment during a press conference on whether holding the lease sale was inspired by the incoming Biden administration's position on renting federal lands and waters for oil production.

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This auction had been pushed back from August, officials stated, due to COVID-19 (although Yahya said the hold-up was likely an effort to wait for oil prices to support following the presidential election). "Without commenting on proposed policy by incoming administration authorities, our lease blocks are provided sometimes," 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 cost effective and trusted energy supply is important to a strong America," Staples stated. Environmental groups criticized the lease sale as a desperate effort by the Trump administration to favor the oil and gas market instead of moving to transition the U.S. to kinds of energy that are less carbon-intensive.

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