First of 30 oil lease sales planned for Gulf of Mexico draws US$279 million [BNN Bloomberg (Canada)]
BP p.l.c. (BP)
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Source: BNN Bloomberg
The sale came after U.S. President Donald Trump's administration recently announced plans to allow new drilling off Florida and California for the first time in decades. That's drawn pushback including from Republicans worried about impacts to tourism. Wednesday's sale was mandated by the sweeping tax-and-spending bill approved by Republicans over the summer. Under that legislation, companies will pay a 12.5 per cent royalty on oil produced from the leases. That's the lowest royalty level for deep-water drilling since 2007. Thirty companies submitted bids, including industry giants Chevron, Shell and BP, federal officials said. The total amount of high bids was down by more than US$100 million from the previous lease sale in the Gulf of Mexico, under former Democratic U.S. President Joe Biden, in December 2023. “This sale reflects a significant step in the federal government's efforts to restore U.S. energy dominance and advance responsible offshore energy development,” said La
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