Deepwater Appetite Tested in U.S. Drilling Auction

March 30, 2023--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--More than 70 million acres in the federal U.S. waters of the Gulf of Mexico went on the auction block on Wednesday, testing both investor appetite and showcasing the difficulty of navigating an effective energy transition.

President Joe Biden entered office in 2021 with a moratorium on new drilling. But a global pandemic and the biggest escalation of conflict in Europe since the end of World War II has largely changed the equation.