The latest Gulf of Mexico oil auction took place on Wednesday with over 24 companies bidding for offshore drilling rights including Shell (SHEL), BP (BP), Chevron (CVX), and Repsol (REPYY), wrote Robert Stewart for the Advocate…Wednesday’s auction, required for 2023 by the Inflation Reduction Act, was delayed due to negotiations with environmental groups and reduced to a scope of 67M acres, added the story. Steve Scalise, a Louisiana Republican and Majority Leader of the U.S. House of Representatives said the Biden administration is putting the U.S. energy and security in jeopardy with no scheduled sales for 2024, added the story. Other Publicly traded companies in the space include ConocoPhillips (COP), Exxon Mobil (XOM), and TotalEnergies (TTE).
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