No bids recorded for Alaska offshore oil and gas auction

Oil and gas drillers failed to show up at the US sale of more than one million acres (404,686 hectares) in Alaska's Cook Inlet on Wednesday, declining to submit even a single bid.

The sale was the first of six Alaska offshore oil and gas auctions mandated through 2032 by the One Big Beautiful Bill Act, which was signed into law last year.

President Trump has sought to expand domestic oil and gas resources, including in Alaska where production has been in decline for decades. Drilling in the Arctic and Alaska is a high-risk endeavor, involving decades of work and billions of dollars of investment.

Officials from the US Bureau of Ocean Energy Management had planned to read bids via a livestream on the agency's website beginning at 10:00 Alaska time (19:00 GMT). Bids were due a day earlier, on March 3.

Instead, BOEM's sale website was updated to reflect the lack of bids.

"At this time, no bids have been received," BOEM wrote. "In accordance with OBBBA, we will continue to hold leasing opportunities for Cook Inlet so that industry has a regular, predictable federal leasing schedule that ensures we achieve President Trump's American Energy Dominance Agenda."

Cook Inlet stretches about 180 miles from the Gulf of Alaska to Anchorage, separating the Kenai Peninsula from the mainland.

The last federal auction for acreage in Cook Inlet, held in 2022, attracted just one bid.

There are eight active federal leases in Cook Inlet, all owned by Houston-based Hilcorp. They are not currently producing oil or gas.

(Reporting by Nichola Groom; Editing by Himani Sarkar and Nia Williams)