AGL 38.18 Decreased By ▼ -0.22 (-0.57%)
AIRLINK 142.98 Increased By ▲ 7.98 (5.91%)
BOP 5.07 Decreased By ▼ -0.02 (-0.39%)
CNERGY 3.77 Decreased By ▼ -0.02 (-0.53%)
DCL 7.56 Decreased By ▼ -0.03 (-0.4%)
DFML 44.48 Increased By ▲ 0.03 (0.07%)
DGKC 76.25 Decreased By ▼ -1.15 (-1.49%)
FCCL 26.95 Increased By ▲ 0.07 (0.26%)
FFBL 52.00 Decreased By ▼ -0.97 (-1.83%)
FFL 8.52 Decreased By ▼ -0.02 (-0.23%)
HUBC 125.51 Increased By ▲ 1.71 (1.38%)
HUMNL 9.99 Increased By ▲ 0.05 (0.5%)
KEL 3.74 Increased By ▲ 0.01 (0.27%)
KOSM 8.15 Increased By ▲ 0.07 (0.87%)
MLCF 34.75 Increased By ▲ 1.05 (3.12%)
NBP 58.71 Increased By ▲ 0.22 (0.38%)
OGDC 154.50 Increased By ▲ 4.55 (3.03%)
PAEL 25.15 Increased By ▲ 0.45 (1.82%)
PIBTL 5.93 Increased By ▲ 0.08 (1.37%)
PPL 118.31 Increased By ▲ 6.66 (5.97%)
PRL 24.38 Increased By ▲ 0.48 (2.01%)
PTC 12.00 Decreased By ▼ -0.10 (-0.83%)
SEARL 56.00 Decreased By ▼ -0.89 (-1.56%)
TELE 7.05 Increased By ▲ 0.05 (0.71%)
TOMCL 34.99 Decreased By ▼ -0.16 (-0.46%)
TPLP 6.98 Decreased By ▼ -0.07 (-0.99%)
TREET 13.98 Decreased By ▼ -0.18 (-1.27%)
TRG 46.10 Decreased By ▼ -0.13 (-0.28%)
UNITY 26.00 Decreased By ▼ -0.08 (-0.31%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 8,822 Increased By 86.7 (0.99%)
BR30 26,723 Increased By 466.7 (1.78%)
KSE100 83,532 Increased By 810.2 (0.98%)
KSE30 26,710 Increased By 328 (1.24%)
Markets

Trump administration abruptly postpones New Mexico oil and gas auction

The parcels that were scheduled for sale are in New Mexico's southeast corner, overlaying part of the sprawling Per
Published May 20, 2020
  • The parcels that were scheduled for sale are in New Mexico's southeast corner, overlaying part of the sprawling Permian Basin, the world's biggest oil field.
  • BLM had been scheduled to offer 94 parcels on more than 45,000 acres (18,211 hectares) in New Mexico and Texas via an online auction on Wednesday and Thursday.
  • BLM has not yet responded to that protest, according to Rebecca Fischer of WildEarth Guardians, which protests most BLM oil and gas lease sales.

The Trump administration abruptly postponed an auction of oil and gas leases in New Mexico that had been scheduled to begin on Wednesday morning without providing a reason for the move.

Bureau of Land Management (BLM) spokeswoman Allison Sandoval confirmed the delay, which was first announced on a government website. She said the agency "will provide further information at a future date."

The parcels that were scheduled for sale are in New Mexico's southeast corner, overlaying part of the sprawling Permian Basin, the world's biggest oil field. It would have been the first government oil and gas auction since US crude oil futures briefly plunged below zero for the first time in history a month ago due to fallout from the coronavirus pandemic.

BLM had been scheduled to offer 94 parcels on more than 45,000 acres (18,211 hectares) in New Mexico and Texas via an online auction on Wednesday and Thursday.

Earlier this week, a US government forecast projected that crude production from seven major shale formations, including the Permian, would fall to a two-year low in June. Producers have throttled back production since March as prices crashed due to oversupply and a sharp drop in demand.

Environmental groups including WildEarth Guardians had filed a formal protest of the sale to the BLM, arguing the coronavirus outbreak reduced opportunities for public comment on the auction.

BLM has not yet responded to that protest, according to Rebecca Fischer of WildEarth Guardians, which protests most BLM oil and gas lease sales.

Groups protested other sales this year too, saying low oil prices are weakening demand and resulting in poor returns for public coffers. The government declined to postpone those sales.

 

Comments

Comments are closed.