Thirty-two companies participated in the first U.S. offshore natural gas and oil auction in almost two years on Wednesday, with producers vying for several deepwater blocks.

ExxonMobil also bolted on more shallow water tracts, signaling that a $10 billion carbon capture project may be proceeding.
Gulf of Mexico (GOM) Lease Sale 259 bids encompassed high bids totaling $263 million for 313 tracks, according to the Interior Department’s Bureau of Ocean Energy Management (BOEM). Offers were made across 1.6 million acres in federal waters.

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The last GOM auction was...