BP wins bids for Gulf of Mexico blocks

Less than a week after the Environmental Protection Agency lifted its ban on BP, the British oil giant wins big in the latest auction for oil and gas block in the Gulf of Mexico.

The Wall Street Journal reports “BP was the high bidder on 24 oil and gas blocks offshore out of 31 properties it pursued in the auction. The company will pay $41.6 million for new access to explore in U.S. waters off the coasts of Louisiana and Alabama.”

EPA officials and BP reached an agreement late last week to lift that ban on federal contracts in exchange for heightened safety, operations, ethics and corporate governance requirements at the company.