WorldOil Biden’s Gulf of Mexico oil lease sale draws high-dollar bids Oil companies spent $191.7 million buying drilling rights in the Gulf of Mexico on Wednesday, during a robust government auction that underscored the industry’s appetite for new crude as the White House seeks to shift the U.S. away from fossil fuels. Biden’s offshore oil lease auction will test drillers’ appetite for risk The Biden administration is selling drilling rights across the Gulf of Mexico on Wednesday in an auction that will test the oil industry’s appetite amid White House efforts to shift away from fossil fuels. COP26: France falls in with group pledging to end oil and gas exploration France has joined a group of countries and states that support fixing a date to end fossil fuel exploration, putting its name to an initiative that was snubbed by the UK EQT’s CEO calls for more American shale investment to end energy crisis The largest U.S. natural gas driller is using the global energy crisis to renew his call for more investment in domestic infrastructure such as pipelines, which he says will enable increased exports and ease shortages. Oil industry needs $500 billion to avoid future supply crises, says Moody’s Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years, according to Moody’s Investors Service Inc. Mid-Year Forecast: International operators make their way forward carefully Although global oil and gas demand has recovered much of the ground lost last year, there are plenty of question marks left in the market for operators to navigate, including ESG and renewables challenges. What's new in exploration 2020—Had enough yet? What's new in exploration Lions and tigers and bears, oh my!! Apache executive’s departure sparks worst rout since 2016 The high-profile geologist leading one of Apache Corp.’s most-important exploration ventures has stepped down. The company’s shares and bonds tumbled, and the cost to insure against default surged. Conventional discoveries fall to lowest levels in 70 years, and a major rebound isn’t likely, says IHS Markit The low levels in discoveries come as a result of a pullback during the past 10 years in the wildcat drilling that targets conventional oil and gas plays—most drastically after oil prices collapsed in 2014.