U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) were among the top buyers at a federal auction of oil leases in the U.S. Gulf of Mexico on Wednesday that generated more than $190 million – the highest since 2019.
The auction was a boon for federal coffers, but a potential setback for the climate policies of U.S. President Joe Biden, whose administration tried to suspend federal lease sales to fight global warming before a court forced them to proceed.
The United States was also among nearly 200 nations that adopted the Glasgow Climate Pact this month in a deal that for the first time asked governments to accelerate cuts in planet-warming emissions by limiting support for fossil fuels.
In the sale, the Bureau of Ocean Energy Management, an arm of Biden’s Department of Interior, offered 80 million acres accounting for almost all available unleased Gulf of Mexico blocks. About 1.7 million acres sold.
