Strong Appetite for Offshore Oil and Gas Lease Sale Exploration!

Credit: Jan-Rune Smenes Reite/Pexels

The US Gulf of Mexico Lease Sale 259 held in March 2023 exceeded expectations by attracting 353 bids across 313 blocks and capturing $264 million in 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, who discussed some of the surprising results and interesting bidding patterns of the auction participants. The auction was closely watched as the first oil and gas auction offered in the area since November 2021.

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Source: S&P Global