US EditionCompanies Bid $279 Million in First Gulf of Mexico Oil Lease Sale Since 2023
Oil companies submitted $279 million in bids for offshore drilling rights, marking the start of 30 planned lease sales to boost U.S. fossil fuel production, officials said.
- Wednesday, the Bureau of Ocean Energy Management held the Big Beautiful Gulf 1 lease auction in New Orleans, the first Gulf sale since 2023, with acting director Matt Giacona saying it starts 30 auctions mandated over 15 years under President Donald Trump's plan.
- By cutting royalties to 12.5%, the legislation signed July 4 by Trump mandated auctions over 15 years, with the first reflecting his energy development goals.
- Companies bid across roughly 1.02 million acres, with high bids about $279 million, from 26 companies including Chevron USA, Shell Offshore, TotalEnergies E&P, LLOG Exploration Offshore, Anadarko US Offshore.
- Most bids targeted Keathley Canyon and Mississippi Canyon, with fiscal year 2024 revenues of $372.5 million in bonuses, according to BOEM.
- The 2023 lease sale was twice delayed by lawsuits, with the 5th U.S. Circuit Court of Appeals in New Orleans mandating rescheduling within 37 days, while Covington-based LLOG Exploration Offshore is known for subsea tie-backs that could speed development.
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105 Articles
Watauga Democrat
Oil and gas lease sale starts new era in Gulf energy production
(The Center Square) – Auction of oil and gas drilling rights in the Gulf of America for the first time since 2023 was held Wednesday in New Orleans, marking a key milestone in the Trump administration’s effort to unleash energy…
Associated Press News
First of 30 oil lease sales planned for Gulf of Mexico draws $300 million from companies
Oil companies have offered $300 million for drilling rights in the Gulf of Mexico in the first offshore lease sale for the region since 2023.
US holds first Gulf of Mexico oil and gas auction since 2023
Dec 10 (Reuters) - The Trump administration will hold the government's first sale of oil and gas drilling rights in the Gulf of Mexico since 2023 on Wednesday, a key test of industry appetite for offshore acreage at a time when the United States is se...
Trump Administration Revitalizes Gulf Oil and Gas Lease Bidding
Trump Administration Revitalizes Gulf Oil and Gas Lease Bidding The Trump administration is poised to conduct its inaugural sale of oil and gas drilling rights in the Gulf of Mexico since 2023, taking place on Wednesday. This event stands as a litmus test for industry interest in offshore acreage as the U.S. endeavors to ramp up domestic fossil fuel production.This auction marks the first of 30 organized under U.S. President Donald Trump's tax c…
Oil companies bid $279 million for drilling in the Gulf of MexicoThe first sale of oil leases in the Gulf of Mexico has raised $279 million from 30 companies, part of a Republican effort to boost U.S. fossil fuel production.
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