$4 Billion Oil and Gas Auction Breaks Records Amid Global Supply Crunch

The US Interior Department has announced a record-breaking sale of oil and gas drilling rights on federal lands in New Mexico and Texas. The auction generated a staggering $4 billion in winning bids, more than quadrupling the previous onshore government oil and gas auctions' total.

The sale of 74 parcels covering 33,530 acres primarily in New Mexico's Permian basin, the nation's most productive oil field, saw strong industry demand for drilling on public lands. The highest sale price for a single parcel was $405.8 million for 1,280 acres in Lea County.

Interior Secretary Doug Burgum attributed the success of the auction to President Trump's American Energy Dominance Agenda, which aims to 'cut costs and remove barriers to development'.