US scoops up nearly $47M in high bids for second Gulf of America oil & gas lease sale

March 13th, 2026

The U.S. Bureau of Ocean Energy Management (BOEM) has held the second out of thirty Gulf of America (U.S. Gulf of Mexico) oil and gas lease sales under the One Big Beautiful Bill Act, gathering $46.9 million in high bids from multiple players, including BP, Chevron, Shell, LLOG, Walter Oil & Gas Corporation, Woodside Energy, Anadarko, Houston Energy, Red Willow Offshore, Navitas Petroleum, and CL&F Offshore.

Illustration; Source: BOEM

The U.S. Department of the Interior has revealed that the lease sale Big Beautiful Gulf 2 (BBG2) generated $46,976,423 in high bids. The sale, required under President Donald Trump’s ‘One Big Beautiful Bill Act,’ encompassed 25 blocks, covering approximately 141,000 acres in federal waters of the Gulf of America, with 13 companies submitting 38 bids totalling $69,838,782.

Doug Burgum, U.S. Secretary of the Interior, underscored: “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.

“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.”

Lease sale BBG2 supports Executive Order 14154, ‘Unleashing American Energy,’ that outlines President Trump’s commitment to expanding offshore oil and gas development to strengthen national energy security, lower energy costs, and increase economic competitiveness.

Matt Giacona, BOEM’s Acting Director, highlighted: “Lease sale BBG2 represents a significant advancement in BOEM’s offshore oil and gas program in the Gulf of America. 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 portions of the Eastern Gulf Planning Areas, applying a 12.5% royalty rate for both shallow and deepwater leases, the lowest deepwater rate since the George W. Bush administration.

The U.S. Department of the Interior elaborated: “Lease Sale BBG2 signifies a shift to an active offshore energy strategy, emphasizing energy security, economic development, and careful management of resources. The sale underscores BOEM’s critical role in advancing strategic offshore energy development on the U.S. Outer Continental Shelf that benefits the American people.”

The Gulf of America’s Outer Continental Shelf spans 160 million acres and is estimated to contain 29.59 billion barrels of undiscovered, technically recoverable oil and 54.84 trillion cubic feet of natural gas. The oil production on the Outer Continental Shelf made up 677.2 million barrels in 2025, representing 14% of all domestic production.

This equates to a production of an average of approximately 1.86 million barrels of oil per day. The top ten companies that submitted high bids include BP Exploration & Production, Chevron, Anadarko, LLOG Exploration Offshore, Shell Offshore, Woodside Energy, Houston Energy, L.P. Walter Oil & Gas Corporation, Red Willow Offshore, and Navitas Petroleum.

The U.S. Department of the Interior emphasized: “Offshore energy development also fuels long-term economic growth by supporting infrastructure, education, and public services. It advances U.S. energy independence, a cornerstone of economic strength, national security, and global stability.

“By continuing to expand offshore capabilities, the United States reduces reliance on unstable foreign producers, ensures affordable energy for consumers, and reinforces its role as a global energy leader.”