Oil companies put up $382 million for last drilling rights in the Gulf of Mexico before 2025

Despite attempts by the Biden administration to scale back a lease sale in the Gulf of Mexico, oil companies reportedly ponied up $382 million for drilling rights Wednesday.

The auction, according to The Associated Press, was the last of several mandated under the 2022 Inflation Reduction Act, which requires the sales to be offered before permitting offshore wind projects.

The administration had planned to scale back the sale, arguing that oil and gas operations would impact an endangered species of whale, but a federal appeals court in November rejected the argument and ordered that lease sales had to be held within 37 days.

According to “Bud’s Offshore Energy” blog, Hess, Anadarko, Chevron, Shell and Equinor were the high bidders in the sale. The bids were for more than 300 parcels covering 2,700 square miles, according to the AP.

The sale will be the last opportunity for companies to lease new offshore tracts until 2025. Under the Biden administration’s 5-year plan, the federal government will offer the “fewest oil and gas lease sales in history.”