AIRLINK 72.59 Increased By ▲ 3.39 (4.9%)
BOP 4.99 Increased By ▲ 0.09 (1.84%)
CNERGY 4.29 Increased By ▲ 0.03 (0.7%)
DFML 31.71 Increased By ▲ 0.46 (1.47%)
DGKC 80.90 Increased By ▲ 3.65 (4.72%)
FCCL 21.42 Increased By ▲ 1.42 (7.1%)
FFBL 35.19 Increased By ▲ 0.19 (0.54%)
FFL 9.33 Increased By ▲ 0.21 (2.3%)
GGL 9.82 Increased By ▲ 0.02 (0.2%)
HBL 112.40 Decreased By ▼ -0.36 (-0.32%)
HUBC 136.50 Increased By ▲ 3.46 (2.6%)
HUMNL 7.14 Increased By ▲ 0.19 (2.73%)
KEL 4.35 Increased By ▲ 0.12 (2.84%)
KOSM 4.35 Increased By ▲ 0.10 (2.35%)
MLCF 37.67 Increased By ▲ 1.07 (2.92%)
OGDC 137.75 Increased By ▲ 4.88 (3.67%)
PAEL 23.41 Increased By ▲ 0.77 (3.4%)
PIAA 24.55 Increased By ▲ 0.35 (1.45%)
PIBTL 6.63 Increased By ▲ 0.17 (2.63%)
PPL 125.05 Increased By ▲ 8.75 (7.52%)
PRL 26.99 Increased By ▲ 1.09 (4.21%)
PTC 13.32 Increased By ▲ 0.24 (1.83%)
SEARL 52.70 Increased By ▲ 0.70 (1.35%)
SNGP 70.80 Increased By ▲ 3.20 (4.73%)
SSGC 10.54 No Change ▼ 0.00 (0%)
TELE 8.33 Increased By ▲ 0.05 (0.6%)
TPLP 10.95 Increased By ▲ 0.15 (1.39%)
TRG 60.60 Increased By ▲ 1.31 (2.21%)
UNITY 25.10 Decreased By ▼ -0.03 (-0.12%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 7,566 Increased By 157.7 (2.13%)
BR30 24,786 Increased By 749.4 (3.12%)
KSE100 71,902 Increased By 1235.2 (1.75%)
KSE30 23,595 Increased By 371 (1.6%)

NEW YORK: The Biden administration on Wednesday will auction oil drilling rights to 80 million acres in the US Gulf of Mexico days after joining a global agreement that for the first time targeted fossil fuels as the main driver of global warming.

The sale by the Department of Interior will be the first under President Joe Biden, whose administration paused drilling sales under a promise to end development on federal properties. But Biden lost a court fight to oil-producing states that sued to reinstate the sales.

The administration has appealed and a suit by environmental groups seeking to halt the sale is pending. The U.S. is moving ahead to hold onshore lease auctions in several states early next year.

Interior’s Bureau of Ocean Energy Management will auction almost all available unleased Gulf of Mexico blocks, 80 million acres, at a live-streamed event on Wednesday morning.

Chevron, Exxon, Valero, others win bids for US reserve oil

It will be the first opportunity to test the oil and gas industry’s demand for Gulf acreage with energy prices at multi-year highs. U.S. crude futures on Tuesday settled at $80.76 a barrel, up 95% in the last 12 months.

The Trump administration’s final Gulf sale, held last November, generated a modest $121 million in high bids. But oil companies Royal Dutch Shell, BP and Chevron are seizing on the higher prices to advance offshore projects.

Despite the court-ordered resumption of auctions, Interior spokesperson Melissa Schwartz said the agency was “conducting a more comprehensive analysis of greenhouse gas impacts from potential oil and gas lease sales than ever before.”

Environmentalists called for Biden to halt the sale via executive order. “Biden has the authority to stop this, but instead he’s casting his lot in with the fossil fuel industry,” said Kristen Monsell, senior attorney for the Center for Biological Diversity.

Ocean conservation group Oceana said the administration should “explore every opportunity to uphold the president’s commitment to protecting our communities, our climate, and our economy from the threat of drilling.”

Comments

Comments are closed.