Tepid interest in US offshore leases

Tepid interest in US offshore leases

Less than 1% of plots offered in the latest US auction of Gulf of Mexico exploration leases were bid on by oil companies, representing a lack of interest in the region for the second time this year.

Exxon Mobil Carp was the biggest winner of the auction with 25 blocks being awarded to the oil giant, followed by BP with 19 high bids and Hess Corp and Equinor with 16 each.

In total, 23 companies bid at the auction held by the US Bureau of Ocean Energy Management where there was $178 million worth of high bids on 144 of the 14,575 blocks available.

In recent years, the Gulf of Mexico has faced reduced interest due to increasing competition from other basins around the world – both onshore and offshore.

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