financetom
Business
financetom
/
Business
/
Trump Alaska lease sale draws record $163 million from oil majors
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump Alaska lease sale draws record $163 million from oil majors
Mar 18, 2026 7:17 PM

March 18 (Reuters) - The U.S. government on Wednesday held its most successful sale ever of oil and gas drilling rights in Alaska's National Petroleum Reserve, attracting $163 million in winning bids from industry players including Repsol, Shell, ConocoPhillips ( COP ) and ExxonMobil ( XOM ).

The record auction revealed pent-up demand among drillers for acreage in the reserve, more than six years after the last federal oil and gas auction there. Though it has significant development potential, interest in the region has waned in recent years due to the high cost of drilling in the remote area and risks from environmental litigation.

The sale was the first of at least five mandated by President Donald Trump's tax cut and spending bill, which he signed into law last year. His administration has sought to expand domestic oil and gas production and reverse Biden-era restrictions on drilling in the Alaska reserve.

"The results of today's sale are historic," Bureau of Land Management Alaska State Director Kevin Pendergast said after announcing the preliminary results of the livestreamed auction. "It makes clear that for the NPR-A, despite all the successes to date, the best days are still ahead."

The Interior Department's Bureau of Land Management received 430 bids on 187 of the 625 tracts offered, according to a sale summary published on its website.

The industry bid on 1.3 million acres of the 5.5 million acres (2.2 million hectares) offered.

A Repsol and Shell joint venture was the top spender at the auction, bidding a total of nearly $94 million for 42 tracts.

"This reinforces Repsol's long-term commitment to energy development in the United States and Alaska, further strengthening its position and future upside in the state," a spokesperson said via email. This is Repsol's first time partnering with Shell in Alaska.

Other notable winners included ConocoPhillips, ExxonMobil and North Slope Exploration LLC.

"We appreciate the Trump Administration's efforts to advance America's energy potential by recognizing the strategic importance of responsible resource development in Alaska," a ConocoPhillips ( COP ) spokesperson said by email. The company's winning bids totaled more than $21 million for 30 tracts.

ExxonMobil ( XOM ) said it was pleased to be the winner of 138,000 acres at the sale.

"This marks an important step in our continued commitment to responsible energy development in Alaska and the U.S.," a spokesperson said in an email.

The highest single bid was $3.65 million by Epoch Oil & Gas LLC for a 12,800-acre tract.

Epoch and North Slope Exploration could not immediately be reached for comment.

The NPR-A, as the 23-million-acre reserve is known, was designated for oil and gas exploration in the 1970s to address energy shortages. It is estimated to hold 8.7 billion barrels of recoverable oil and 25 trillion cubic feet (708 billion cubic meters) of recoverable natural gas.

The last NPR-A lease sale in 2019 attracted $11.3 million in bids on 1.05 million acres.

Alaska state officials and some native groups support oil and gas drilling because it contributes to tax revenue and creates jobs. Environmentalists argue oil and gas development destroys habitats for species such as polar bears and caribou.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved