US offers 81 million acres of Gulf of Mexico oil leases
The Trump Administration will on Wednesday offer oil and gas drilling companies more than 81 million acres (32,8 million hectares), in the Gulf of Mexico. This is part of a plan to boost domestic energy production by establishing regular offshore lease sales.
This is the second sale since the U.S. and Israeli war against Iran disrupted global oil flows, sending oil prices to four year highs. The sale is the third in a series of 30 required by President Donald Trump's tax cut and spending bill passed in 2025.
The Interior Department will offer 15,100 unleased blocks between 4.8 and 372 kilometers (3 to 231 miles) offshore, on the U.S. Outer Continental Shelf. According to a document on the?government's website, water depths can range from 9 feet up to over 11,100 feet (3.380 m to 2,780 m).
According to the pre-sale documents released on Tuesday, 69 bids were submitted by 12 companies for 330,000 acres. This is 0.4% of the total 81 million acres in the Gulf of Mexico that Trump renamed as the Gulf of America through an executive order.
The second auction in March saw nearly $47million in high bids on 25 blocks covering approximately 141,000 acres. This was a far cry from the $279.4million high bids attained in December's first auction, mandated by 2025 law.
The offshore production of the United States is about 15%, but it has lagged behind onshore shale in recent years due to?longer timelines and higher initial costs.
The bids will be publicly read via livestream on the Wednesday.
The sale will be conducted by the Marine Minerals Administration. This was created by the Trump administration to combine the Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement. (Reporting and editing by Nichola Gardner, Timothy Gardner)
(source: Reuters)
