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Trump Alaska lease sale draws record $163 mln from oil majors
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Trump Alaska lease sale draws record $163 mln from oil majors
Mar 18, 2026 7:17 PM

* Record NPR-A auction attracted highest-ever winning

bids

* Repsol-Shell JV dominated sale, spending nearly $94 mln

* Other top bidders included ExxonMobil ( XOM ), ConocoPhillips ( COP )

(Updates with details of final sale results, adds company

comments in paragraphs 8, 10 and 12)

By Nichola Groom

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.

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