The Administration is trying to navigate between energy companies seeking greater oil and gas production and environmental activists who want Biden to shut down new offshore drilling in the fight against climate change
As originally proposed in March, the sale would have made 73 million acres of offshore tracts available for drilling leases. That area was reduced to 67 million acres in August when Interior’s Bureau of Ocean Energy Management announced final plans for the sale
The expansion of multinational licenses for oil exploration have brought much-needed funds to the bankrupt Venezuelan treasury. However, serious bottlenecks persist, due to international sanctions and the collapse of the credit system
The auction was the first in the Gulf in more than a year and drew interest from companies like ExxonMobil, Shell and Chevron. The sale was mandated by last year’s climate bill compromise
