(WO) — The U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM) generated nearly $47 million in high bids during its latest Gulf offshore oil and gas lease sale, reflecting continued industry interest in exploration acreage on the U.S. Outer Continental Shelf.
Lease Sale Big Beautiful Gulf 2 (BBG2) attracted 38 bids from 13 companies for 25 blocks covering about 141,000 acres in federal waters of the Gulf.
Interior officials said the sale was the second offshore lease auction required under President Trump’s One Big Beautiful Bill Act, which mandates additional lease sales to support domestic energy development.
“Today’s lease sale reflects President Trump’s continued focus on strengthening America’s energy security while supporting jobs and economic growth across the Gulf of America,” said Secretary of the Interior Doug Burgum. “By advancing responsible offshore development, we’re ensuring that the United States remains a global energy leader and that American families benefit from reliable, affordable energy for years to come.”
BOEM officials said the sale follows industry participation in the first BBG lease sale and is intended to maintain investment in offshore exploration.
“Lease Sale BBG2 represents a significant advancement in BOEM’s offshore oil and gas program in the Gulf of America,” stated BOEM Acting Director Matt Giacona. “Following the substantial industry interest in Lease Sale BBG1, this proposed sale is intended to sustain investment in the U.S. Outer Continental Shelf and bolster American energy independence.”
BOEM offered approximately 15,000 unleased blocks across the Western, Central and parts of the Eastern Gulf planning areas. The agency applied a 12.5% royalty rate for both shallow and deepwater leases, the lowest deepwater rate since the George W. Bush administration, to encourage participation.
The Gulf of America’s Outer Continental Shelf spans roughly 160 million acres and is estimated to hold 29.59 billion barrels of undiscovered technically recoverable oil and 54.84 Tcf of natural gas, according to BOEM.
Interior officials said offshore production continues to play a significant role in U.S. energy supply. In fiscal year 2025, offshore oil output totaled 677.2 million barrels, representing about 14% of domestic production, or roughly 1.86 million bpd.
BOEM said final statistical results from the lease sale will be released within 90 days.
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