Record Alaska oil lease auction draws $163 million in bids from major energy firms.

Record Alaska oil lease auction draws $163 million in bids from major energy firms. ConocoPhillips, Exxon Mobil, Shell, and Repsol secured drilling rights across 1.3 million acres in the National Petroleum Reserve-Alaska, marking the strongest sale by nearly every measure since 2019. The auction reflects renewed industry interest following the lifting of Biden-era restrictions and Trump administration mandates for five lease sales in the reserve. Shell and Repsol emerged as top winners with over $91 million in combined bids, while ConocoPhillips focused on tracts adjacent to its Willow project. The sale signals significant capital deployment in Arctic oil development despite environmental opposition from groups concerned about wildlife and indigenous communities in the region.