XOM - U.S. freezes new oil and gas leasing on federal lands

The Biden administration suspends oil and gas leasing and permitting on federal lands and waters - which account for ~10% of U.S. crude oil supply - according to a Department of Interior memo.The 60-day suspension on approvals is necessary for a "targeted and time-limited" review of recent decisions, the Department says, in a move hailed by environmental groups and criticized by the energy industry.Producers holding federal leases will still be allowed to continue drilling wells using the 5,600 unused drilling permits they amassed over the past two years, which means drillers will avoid most near-term disruptions to operations.Devon Energy (DVN), the biggest oil producer on onshore federal land in the Lower 48 states, expects its federal lands permits will last at least four years."We have always been very confident that we will continue to develop and drill on federal acreage... It's embedded into the rights we have in the leases,

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U.S. freezes new oil and gas leasing on federal lands