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BP’s Gulf Redemption May Take Decade to Bestow Barrels

BP Plc’s bids for its first new U.S. offshore leases in two years aren’t expected to add any barrels of production until the middle of the next decade.

The owner of the deep-water Macondo well that spewed millions of barrels of crude into the Gulf of Mexico during a 2010 blowout was the highest bidder on 24 blocks offered for lease by the Interior Department, Tommy Beaudreau, director of the Bureau of Ocean Energy Management, said in a conference call yesterday. The tracts are part of an area twice the size of Maine that attracted more than $1 billion in bids from oil and natural gas producers.