Focused on the long-term potential of offshore oil and gas development as today’s market faces unprecedented headwinds, offshore players placed a combined $93 million in high bids on blocks in the U.S. Gulf of Mexico.

The March 18 lease sale, which was scheduled in late 2019, came amid a market collapse that has seen a growing list of oil and gas companies chop capital budgets for the year.

Preliminary sale statistics provided by BOEM showed 22 companies participated in the sale, placing 84 bids on just 71 of the nearly 14,600 blocks available across the GoM region.

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