On Wednesday, oil companies are set to have their final opportunity to secure new drilling rights in the Gulf of Mexico, prior to the implementation of anticipated restrictions from the Biden administration. This may potentially instigate an intense bidding war, as companies vie for the last chance to freely drill in these valuable offshore locations.
1. On Wednesday, oil companies have their last chance to secure new drilling rights in the Gulf of Mexico before stringent restrictions from the Biden administration kick in.
2. The anticipated restrictions may prompt a fierce bidding war among companies for the final opportunity to drill freely in valuable offshore areas.
3. This event takes place just before an expected moratorium on new oil and gas leases on federal property to be implemented by the Biden administration to combat climate change.
4. The upcoming sale is said to offer over 78 million acres for oil and gas development.
5. The territory available for sale is offshore and potentially houses several significant oil and gas reserves.
In December 2020, the Trump administration auctioned off 78 million acres in the Gulf of Mexico for oil and gas drilling.
On Wednesday, oil corporations will have their final opportunity to secure new drilling rights in the Gulf of Mexico. This precipitous event comes just before the Biden administration puts into effect a much-anticipated moratorium on new oil and gas leases on federal property, a key part of its aggressive strategy to combat climate change. The upcoming sale will reportedly offer up over 78 million acres for oil and gas development, a vast offshore territory that potentially contains several significant oil and gas reserves.