WASHINGTON, D.C. — The U.S. Department of the Interior drew $82.7 million in high bids from 16 companies in its third congressionally required Gulf of America offshore oil and gas lease sale, extending the Trump administration’s push to expand federal leasing and provide the industry with a predictable schedule for long-term investment.
The sale generated 69 bids totaling $99.5 million across 59 blocks, according to Interior. The auction was held at the National WWII Museum in New Orleans and covered federal waters across the Western, Central and portions of the Eastern Gulf planning areas.
The Marine Minerals Administration offered about 15,100 unleased blocks spanning roughly 80.4 million acres. The acreage extends from 3 to 231 miles offshore, with water depths ranging from 9 feet to more than 11,100 feet.
The leases carry a 12.5% royalty rate across all water depths, the minimum permitted under the Working Families Tax Cut Act. The legislation requires the Gulf lease sales, making the auction part of a congressionally directed expansion of offshore leasing rather than a discretionary one-time offering.
Acting MMA Director Matt Giacona said the sale was intended to provide the “predictable offshore leasing schedule Congress directed and industry needs to make long-term investment decisions.”
The auction follows the July 8 publication of the Final Notice of Sale in the Federal Register, which established the acreage, fiscal terms and bidding procedures.
Interior said the Gulf of America Outer Continental Shelf covers approximately 160 million acres and is estimated to hold 26.90 billion barrels of undiscovered, technically recoverable oil and 45.59 trillion cubic feet of natural gas.
The sale also advances President Donald Trump’s Executive Order 14154, Unleashing American Energy, which calls for expanded domestic energy development, including offshore oil and gas production.
Interior Secretary Doug Burgum tied the auction to the administration’s broader energy policy, saying Gulf development can strengthen energy security and support domestic jobs and manufacturing.
The financial impact of the sale extends beyond federal lease payments. Revenue from Outer Continental Shelf oil and gas development is distributed among the U.S. Treasury, Gulf Coast states, the Land and Water Conservation Fund and the Historic Preservation Fund, according to Interior.
Revenue-sharing programs also finance coastal restoration, hurricane protection and other government programs along the Gulf Coast.
The number of blocks receiving bids represented a small fraction of the roughly 15,100 blocks offered. The government will review the bids before leases are awarded.
Interior said a final statistical summary will be released within 90 days. Additional lease terms, maps and bid results are available at www.boem.gov/Sale-BBG3.
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