• Upstream
  • Pipelines & Transport
  • Downstream
Thursday, September 11, 2025
Oil&Gas Advancement
  • Home
  • News
    110 Megawatt Heavy Duty Gas Turbine

    China Rolls Out 110-Megawatt Heavy-Duty Gas Turbine

    Power of Siberia 2 Pipeline Deal

    Russia-China Power of Siberia 2 Pipeline Deal: A New Horizon

    OPEC to Boost Oil Output

    OPEC+ To Boost Oil Output in October Amid Market Push

    US Calls on Europe to Block Russian Oil, Gas for Tougher Sanctions

    Production Sharing Contract of Nigeria

    Production-Sharing Contract of Nigeria with TotalEnergies

    Develop Fields as Tiebacks

    UK May Develop Fields as Tiebacks for Oil & Gas Exploration

    China Russia Gas Pipeline

    China-Russia Gas Pipeline Pact Signed to Deepen Energy Ties

    Live Transmission System to Transport Hydrogen

    SGN Uses Live Transmission System to Transport Hydrogen

    Egypt commits 400m investment

    Egypt Commits $400m Investment to Build a Gas Pipeline

  • Projects
    Production Sharing Contract of Nigeria

    Production-Sharing Contract of Nigeria with TotalEnergies

    First Arctic LNG 2 Gas Delivery

    First Arctic LNG 2 Gas Delivery from Russia to China Starts

    Major Energy Deals

    Officials From Russia and The US Discuss Major Energy Deals

    Arctic LNG 2 Project from Russia

    Arctic LNG 2 Project from Russia Achieves Record Gas Output

    Yellowtail Field Project

    Saipem Completes Construction of Yellowtail Field Project

    Venture Capital Makes Phenomenal US LNG Investment

    Venture Capital Makes Phenomenal US LNG Investment

    Mabadala Energy Invests in US Natural Gas Market Expansion

    Mabadala Energy Invests in US Natural Gas Market Expansion

    SEWA Implements Natural Gas Network Connection in the UAE

    SEWA Implements Natural Gas Network Connection in the UAE

    Adnoc Gas Expands LNG Supply to India for Decarbonisation

    Adnoc Gas Expands LNG Supply to India for Decarbonisation

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Cloudera and Aramco Plan to Collaborate on AI driven Digital Innovation in Saudi Arabia

    Cloudera and Aramco Plan to Collaborate on AI-driven Digital Innovation in Saudi Arabia

    Youth-Empowerment at Namibia Oil and Gas Conference 2025

    Namibia Oil and Gas Conference 2025 Announces Future Generations Masterclass in Partnership with the Namibia Youth Energy Forum

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

  • Market Reports
    AI Technology Maturing the Oil and Gas Workforce

    AI & Technology Maturing the Oil and Gas Workforce

    HDPE Market in Oil and Gas

    HDPE Market in Oil and Gas: Trends and Global Forecast

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home News

Gulf of Mexico Drilling Rights Bids Fetch $263.8 mln To US

in News, Upstream
Total-Eni partnership in offshore gas drilling
Share on FacebookShare on Twitter

An oil and gas drilling rights auction in the Gulf of Mexico has fetched the US government $263.8 million in bids, which happens to be the most of any sales across the region in years. This is also the first test of investment demand since the Ukraine war began.

As a matter of fact, the Bureau of Ocean Energy Management offered 73.4 million acres of the US Outer Continental Shelf (OCS) across the gulf region. The best part was that the bids were streamed live via an event on March 29 morning.

This auction goes on to fulfil a provision of the climate change law, the inflation reduction act (IRA) rolled out by President Joe Biden in 2022 that secures federal oil and gas leasing, and would have wanted that the Gulf sale be held by March 31, which did happen.

It is well to note that the auction happened to be the first in the oil-rich region since 2021. The high-bid total went on to be the largest since 2017 sales that took place in the Central Gulf area, which went on to garner $274.8 million.

Significantly, it was Chevron that was among the highest spenders in the auction that took place on March 29, with numerous bids for deepwater tracts worth millions of dollars. Overall, the company made a bid of $15.9 million across the tract of the Keathley Canyon region.

On the other hand, Exxon snapped up over 60 shallow water blocks that were near the Texas coastline. As per the analysts, the company might as well be preparing for a project based on carbon capture and storage.

On March 29, Exxon confirmed that they are analysing the seismic data as well as the subsurface geology for any commercial potential that may be a possibility in the future. Shell Plc, Hess Corp, Equinor ASA, and BP Plc were the other winners of the bid.

Before the passage of the IRA in 2022, the administration had gone on to cancel three planned offshore lease bids across the Gulf as well as Alaska because of a lack of interest from the industry and also because of conflicting litigation that took place on the president’s leasing policy.

These leases happen to be for a term of 5 to 10 years, depending on the depth of the water, and also have royalty rates of 18.75%, which are, by the way, the maximum as established by the IRA. The rate happens to be an increase for shallow water leases, which, as per the recently concluded sales, were offered with a royalty of 12.5%. The IRA raised the minimum rate of royalty when it came to offshore leases to 16.67%.

President Biden, apparently, had pledged to end new leasing all throughout his presidential campaign as part of his objective to make sure that the US economy decarbonizes by 2050 and also thwart global warming. But he has been consistently witnessing pressure to elevate the domestic supplies of oil and gas, to take care of the price spikes, and to boost energy security too.

Significantly, the Gulf of Mexico accounts for 15% of the total US oil production and also 1% of the natural gas production as per US BOEM. The production across the region is anticipated to keep growing all the way through 2027, as per a 2022 BOEM prediction that has assumed that the leasing will keep taking place.

Previous Post

Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

Next Post

Quest For LNG By Europe May Not Be All That Flourishing

Related Posts

110 Megawatt Heavy Duty Gas Turbine
Gases

China Rolls Out 110-Megawatt Heavy-Duty Gas Turbine

September 11, 2025
Power of Siberia 2 Pipeline Deal
Gases

Russia-China Power of Siberia 2 Pipeline Deal: A New Horizon

September 11, 2025
OPEC to Boost Oil Output
News

OPEC+ To Boost Oil Output in October Amid Market Push

September 11, 2025
America

US Calls on Europe to Block Russian Oil, Gas for Tougher Sanctions

September 10, 2025
Production Sharing Contract of Nigeria
Gases

Production-Sharing Contract of Nigeria with TotalEnergies

September 8, 2025
Develop Fields as Tiebacks
News

UK May Develop Fields as Tiebacks for Oil & Gas Exploration

September 8, 2025
Next Post
Saudi Arabia sets its sights on hydrogen export leadership

Quest For LNG By Europe May Not Be All That Flourishing

LatestNews

Power of Siberia 2 Pipeline Deal
Gases

Russia-China Power of Siberia 2 Pipeline Deal: A New Horizon

September 11, 2025
OPEC to Boost Oil Output
News

OPEC+ To Boost Oil Output in October Amid Market Push

September 11, 2025
America

US Calls on Europe to Block Russian Oil, Gas for Tougher Sanctions

September 10, 2025
Production Sharing Contract of Nigeria
Gases

Production-Sharing Contract of Nigeria with TotalEnergies

September 8, 2025
Develop Fields as Tiebacks
News

UK May Develop Fields as Tiebacks for Oil & Gas Exploration

September 8, 2025
China Russia Gas Pipeline
Gases

China-Russia Gas Pipeline Pact Signed to Deepen Energy Ties

September 8, 2025

About Us

Oil & Gas Advancement is a specialized platform delivering latest news and industry insights for the global oil and gas sector. Featuring market intelligence, expert opinions, events and updates, it serves as a trusted and strategic resource for industry stakeholders navigating energy transitions.

Subscribe Us

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2025 Copyright Valuemediaservices 2025 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2025 Copyright Valuemediaservices 2025 All rights reserved.