"Bellwether" Gulf oil-and-gas lease sale yields modest results
Yesterday's Interior Department sale of Gulf of Mexico oil-and-gas leases drew modest action, with companies offering roughly $125 million in winning bids (and $139 million in total bids). The chart below shows the companies that submitted the highest total winning offers in Lease Sale 250 and how many blocs they successfully bid on.
One reason it matters: The expectations game. Interior Secretary Ryan Zinke told a major energy conference in Houston this month that the sale would be a "bellwether" for industry interest in new Gulf leases.