Chevron, Exxon big buyers in US Gulf of Mexico drilling auction

The Bureau of Ocean Energy Management offered 73.4 million acres in the US Outer Continental Shelf in the Gulf. Bids were read at a livestreamed event with Chevron Corp, ExxonMobil Corp and BP Plc among the top buyers. — Bloomberg

HOUSTON: A US government auction of oil and gas drilling rights in the Gulf of Mexico generated US$263.8mil (RM1.17bil) in high bids, the most of any sale in the region for years and the first test of demand for investment since the Russian invasion of Ukraine.

The Bureau of Ocean Energy Management offered 73.4 million acres in the US Outer Continental Shelf in the Gulf. Bids were read at a livestreamed event with Chevron Corp, ExxonMobil Corp and BP Plc among the top buyers.