The long prospective Walker Ridge in the deepwater Gulf of Mexico (GOM) drew a bid of nearly $12 million on Wednesday in the final federal oil and gas auction of the year.

GOM offshore production

The bid of $11,999,979 for Walker Ridge Block 365 was made jointly by Repsol E&P USA Inc. and Equinor Gulf of Mexico LLC, units of the European-based supermajors. 

The Trump administration’s final auction was live streamed from New Orleans and overseen by the Interior Department’s Bureau of Ocean Energy Management (BOEM). 

Offshore oil and gas resources can take up to a decade to be developed, but BOEM officials are optimistic about what’s ahead for the industry. The average bid was $233/acre, versus $234 generated at the last auction in March.

“The Gulf has a long future,” said BOEM’s Mike...