Only 1 Bid Received for Alaska Offshore Oil Sales

Fishing boats entering Cook Inlet via the Kenai River, Kenai, Alaska on July 1, 2020. Beeblebrox via Wikimedia Commons/CC BY-SA 4.0

The U.S. government recently held an auction for the right to drill oil and gas offshore in Cook Inlet, Alaska, for which it received only a single bid.

The auction, held by the Bureau of Ocean Energy Management (BOEM) on Friday, offered leases for 193 blocks totaling around 958,000 acres. However, it only received a single bid for one block in the amount of $63,983 submitted by Hilcorp Alaska LLC which covers an area of 5,693 acres.