Third Gulf Oil Lease Auction in 8 Months Brings in $82.7M
The sale is the third of 30 mandated offshore auctions, and 12 companies submitted 69 bids covering about 330,000 acres, officials said.
- On Wednesday, the Trump administration's latest auction for oil and gas drilling rights in the Gulf of America attracted nearly $82.7 million in high bids, with 16 companies submitting 69 bids on 330,000 acres.
- This auction is the third of 30 lease sales mandated by the One Big Beautiful Bill Act, signed by President Donald Trump on July 4, 2025, requiring regular offshore auctions over a 15-year period to boost domestic energy production.
- Bid sheets for the Big Beautiful Gulf 3 sale revealed intense competition over Keathley Canyon Block 258, with the $82.7 million total exceeding March's $47 million but trailing the $280 million December sale.
- Interior Secretary Doug Burgum linked the lease sale to American energy production, stating BBG3 advances President Trump's "American Energy Dominance" agenda by strengthening energy security and supporting good-paying jobs.
- Environmental advocates, including Earthjustice Senior Attorney Eartha Cruz, criticized the sale as auctioning off sensitive ocean waters, though the Gulf of Mexico Energy Security Act funnels 37.5% of leasing revenue back to Gulf states supporting coastal economies.
47 Articles
47 Articles
Third Gulf oil lease auction in 8 months brings in $82.7M - American Press
By Alton Wallace | The Center Square The federal government’s auction of offshore oil leases in the Gulf of America on Wednesday brought in $82.7 million in high bids, as participating companies showed strong interest in waters just off the south Texas coast and ultra-deepwater areas. The Marine Minerals Administration’s third auction of Gulf acreage in eight months, Big Beautiful Gulf 3 (BBG3), took place at the National WWII Museum, with 16 co…
Star Local
Third Gulf oil lease auction in 8 months brings in $82.7M
(The Center Square) – The federal government’s auction of offshore oil leases in the Gulf of America on Wednesday brought in $82.7 million in high bids, as participating companies showed strong interest in waters just off the south Texas coast…
Trump’s Third ‘Big Beautiful’ Gulf Lease Sale Draws $82.7 Million in High Bids
The Trump administration’s third “Big Beautiful” offshore oil and gas lease sale generated $82.7 million in high bids Wednesday, marking a rebound from a weak March auction but remaining well...
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