U.S. explorers during October increased their oil and gas permit requests for the third month in a row, with an uptick in developing leaseholds on federal lands, according to Evercore ISI.

The analyst firm each month provides data using state and federal sources regarding permits for oil and gas wells, plugging and abandoned (P&A) wells approved and detailed variances of onshore and offshore permitting. 

The gains in federal land requests preceded the election of Democrat Joseph R. Biden Jr., who has said he would seek to ban drilling on federal lands. 

U.S. applications by exploration and production (E&P) companies accelerated 25% month/month (m/m) in October, “which is the largest monthly increase so far in 2020,” Evercore analysts said.

Permian Power

The increase...