The U.S. on Thursday held its first sale of oil and gas drilling rights on federal lands since passage of President Joe Biden's landmark climate change law, attracting more than $78 million in high bids for leases in New Mexico and Kansas.
The federal auction was just the second to be held in New Mexico, the nation's second-largest oil-producing state, since Biden became president in 2021.of Oklahoma City were the auction's top spenders, each picking up leases in New Mexico.
The 19 offered parcels on 3,300 acres in New Mexico garnered 99.9% of the high bid total of $78.81 million, according to sale information published by the U.S. Bureau of Land Management. Promontory Exploration secured six leases for a combined $18.2 million. Other winners of New Mexico leases included Pride Energy Company of Tulsa, Oklahoma, Legion Production Partners LLC of Denver and Federal Abstract Company, which bids on behalf of other companies.
All but one of the Kansas leases sold went to Murfin Drilling Company of Wichita. The remaining lease was sold to Red Oak Energy Inc.
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