"U.S. Lease Sale Off Alaska Coast Draws One Bid"

"The U.S. government on Friday received just a single bid, from Hilcorp Alaska, for oil and gas drilling rights off the coast of Alaska the first federal auction in the region in more than five years.

The offer of nearly 1 million acres in the Cook Inlet was among the concessions to the oil and gas sector included in President Joe Biden's signature climate change law, the Inflation Reduction Act (IRA).

Under the law, the Interior Department is required to hold the sale by Dec. 31. The agency had scrapped the Cook Inlet sale earlier this year before the IRA passed, citing a lack of industry interest."

Nichola Groom and Valerie Volcovici report for Reuters December 30, 2022.


Source: Reuters, 01/02/2023