US Offers 81 Million Acres in Gulf of Mexico Oil and Gas Lease Sale
The US government is set to hold its second offshore oil and gas lease sale in the Gulf of Mexico, offering over 81 million acres for drilling. This comes as part of an effort to boost domestic energy production following the disruption caused by the U.S.-Israeli war with Iran, which sent oil prices to four-year highs.
The Interior Department will offer 15,100 unleased blocks located between 3 and 231 miles offshore, with water depths ranging from 9 feet to over 11,100 feet. The sale is the third of 30 mandated by President Trump's tax cut and spending law passed in 2025.
According to a pre-sale document, 12 companies submitted bids on 330,000 acres, which is approximately 0.4% of the total area offered. This is significantly lower than the first auction, which yielded $279.4 million in high bids.