Low prices spark interest in latest U.S. Gulf oil, gas lease sale 2:26pm EDT [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Low prices spark interest in latest U.S. Gulf oil, gas lease sale | Reuters 3 Min Read (Reuters) - The Trump administration’s fourth major auction for oil and gas leases in the U.S. Gulf of Mexico received $244 million in high bids on Wednesday, reflecting an uptick in interest from drillers attracted to the region’s low prices. Of the 78.5 million acres (31.77 million hectares) offered, companies submitted bids on 1.26 million acres, or about 1.6 percent of the total, an increase from two sales last year when about 1 percent of acreage offered received bids. “We’re on a positive slope,” Mike Celata, the Bureau of Ocean Energy Management’s regional director for the Gulf of Mexico, said on a conference call with reporters. Despite the higher revenue and acreage, the price per acre was below that of the last sale held in August, about $193 an acre compared with $222 an acre. “We saw a modest increase in overall spend, but it was outpaced by the increase in acreage leading to lower amoun
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