Appetite for exploration seen in latest offshore oil, gas lease sale

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Appetite for exploration seen in latest offshore oil, gas lease sale

US Gulf of Mexico Lease Sale 259, held at the end of March, was closely watched as the first oil and gas auction offered in that area since November 2021. And given that expectations weren't too high, the auction actually turned out quite well. It attracted 353 bids across 313 blocks and captured $264 million in apparent high bids – the highest total in six years.

S&P Global Commodity Insights senior editor Starr Spencer spoke with George Laguros, a senior research analyst with S&P Global, about the some of the "surprising" results of the offshore lease sale and some interesting, if not unusual, bidding patterns pursued by some of the participants.

Stick around after the interview for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

Related content:

Chevron, BP bids in latest US Gulf lease sale may signal reentry into new operating frontier (premium content)

The number of pricey bids in US Gulf Lease Sale 259 may bode well for oil, gas outlook

US Interior official shoots down claims of ignoring the law, blocking oil, gas production (premium content)

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