Last week, the U.S. Bureau of Land Management auctioned off over 7,300 blocks of oil and gas exploration leases in the Gulf of Mexico. Despite that only 400 of the blocks were bid upon, the government walked away with a nice $1.2 billion to pad its coffers. 

In this video, Fool.com contributor Tyler Crowe gives a run down of the results of the most recent auction. Some companies spent a lot more than others, and one company -- BP (NYSE:BP) -- was peculiarly absent from the event. Also, Tyler explains why Statoil (NYSE:EQNR) and its joint venture partner Samson Oil & Gas were willing to fork over almost $82 million for one block in the Walker Ridge section of the Gulf.