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Chevron Urges Judge to Allow Gulf of Mexico Oil Lease Sale

Nov. 30, 2021, 3:25 PM

Chevron U.S.A. Inc. told a Washington, D.C., federal court it will be deprived of millions of dollars in potential oil and gas production opportunities if the judge blocks the government’s offshore lease sale.

The company says it already paid $9 million in bonus bid payments on 34 leases, and it will pay nearly $38 million more if the Interior Department approves its bids. If the Bureau of Ocean Energy Management is forced to withdraw the lease sale, then Chevron could lose its interests in the 34 tracts as competitors adjust their bidding strategies, according to the filing in the U.S. ...

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