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"These are clearly unpredictable times, with COVID-19 and the low oil cost," Celata stated. "I'm  jackup rigs for sale , offered whatever that has taken place, at the size of the sale. The Gulf has a long future [for oil production]" Expectations for the sale were dim because of reduced worldwide oil demand and low oil prices caused by the COVID-19 pandemic.

"Back in the 2014 age, we utilized to have billion-dollar auctions," Yahya stated. "We're truly scraping the bottom of the barrel here." There were 105 quotes positioned during the Wednesday auction a recovery from March when only 84 were put, however down from 165 in August of 2019. The greatest quotes were placed by subsidiaries of European oil companies Royal Dutch Shell, Equinor and BP, all of which placed more than $17 million in bids, with Shell investing the most on Wednesday at $28 million.

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A handful of Texas energy companies, including a subsidiary of Murphy Oil, which just recently said it would move its headquarters to Houston from Arkansas, made smaller sized offers. Murphy placed $5. 3 million in bids. Agency authorities declined to comment throughout a press conference on whether holding the lease sale was motivated by the incoming Biden administration's position on leasing federal lands and waters for oil production.

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This auction had actually been pressed back from August, authorities said, due to COVID-19 (although Yahya stated the hold-up was likely an effort to wait for oil rates to stabilize following the governmental election). "Without discussing proposed policy by incoming administration authorities, our lease blocks are used lots of times," said Kate Mac, Gregor, deputy secretary of the Department of the Interior.

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reliance on more carbon-intensive coal-fired power plants. "A cost effective and reputable energy supply is necessary to a strong America," Staples said. Ecological groups criticized the lease sale as a last-ditch effort by the Trump administration to favor the oil and gas industry rather of relocating to transition the U.S. to forms of energy that are less carbon-intensive.

"This lease sale is pouring fuel on the flames of climate change," stated Emma Pabst, a global warming options promote with Environment Texas. "It's gradually burning through what little time we have actually left to act." Disclosure: BP America,.