The Trump administration's auction for leasing oil and gas parcels in the Arctic National Wildlife Refuge in Alaska brought in $3.7 million in winning bids for five land parcels, according to representatives from the U.S. Department of the Interior.
A total of 58 parcels covering 689,000 acres in a remote wildlife refuge, home to polar bears, caribou, and migratory birds, were up for grabs. Only two players joined the auction: Hex Energy LLC and the Alaskan Industrial Development and Export Authority. They submitted nine bids for five parcels totaling around 70,000 acres.
Hex Energy placed the highest individual bid of $1.7 million for parcel No. 112.
The auction was the first of four planned sales in the Arctic National Wildlife Refuge under the One Big Beautiful Bill Act, which President Donald Trump signed last year. The legislation supports Trump's goal of boosting domestic energy production and has the backing of Alaska state officials and several indigenous groups seeking to create jobs and revive the declining oil production in the state.
Oil and gas companies are showing limited interest in the 1.5 million-acre coastal area of the reserve along the Beaufort Sea. According to the US Geological Survey, the region holds up to 11.8 billion barrels of technically recoverable oil. Drilling in northern Alaska takes decades of work and billions of dollars in investments.