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Chevron reviews court decision that blocked Gulf of Mexico lease sale -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Chevron Corp’s logo can be seen at Gastech. This is the largest expo in the world for the gas industry. It was held in Chiba on April 4, 2017. REUTERS/Toru Hansai

Sabrina Valle

HOUSTON (Reuters). Chevron Corp (NYSE: ) has been reviewing the decision of a Federal Judge that nullified the Gulf of Mexico oil and gas lease sales on Thursday. The judge ruled that the Biden Administration failed to adequately account for climate change impacts.

Following the release of fourth quarter financial results, chief executive officer Michael Wirth stated that “we’re disappointed” because the lease sales had been successful in the Gulf of Mexico over decades.

Chevron has more than 244 licenses and is one of the biggest leaseholders within the Gulf of Mexico.

This decision cast doubt over the U.S. federal off-shore drilling program’s future. It has provided a large source of revenue for the United States government for many decades, but has also attracted the attention of environmental activists who are concerned about the impact of this on the environment as well as its contribution to global warming.

Wirth explained that Chevron Gulf of Mexico assets help to ensure the U.S.’s energy security. He refused to discuss the company’s legal reply.

According to the CEO, “Those are” some of our lowest carbon-intensive barrels. So we are hopeful that the issue will be resolved quickly to allow for continued investment and development in America’s energy sector.

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