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The U.S. Department of the Interior (DOI) announced this week that Bureau of Ocean Energy Lease Sale Big Beautiful Gulf 2, or BBG2, generated $46,976,423 in high bids.

In the statement, the DOI highlighted that the sale is the second non-discretionary offshore oil and gas lease sale required under President Trump’s ‘One Big Beautiful Bill Act’ in the Gulf and included 25 blocks covering approximately 141,000 acres in federal waters.

According to the statement, 13 companies submitted 38 bids totaling $69,838,782. The Final Notice of Sale was published in the Federal Register on February 5, “outlining lease areas, fiscal terms, and sale procedures”, the DOI highlighted. Lease sale bidders were invited to attend the sale in person, and the lease sale was also live streamed for the general public on BOEM’s website, the DOI pointed out.

“[This] 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,” Secretary of the Interior Doug Burgum said in the statement,

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In the statement, the DOI highlighted that BOEM offered approximately 15,000 unleased blocks across the Western, Central, and portions of the Eastern Gulf Planning Areas.

“To attract strong industry participation and maximize investment, the agency applied a 12.5 percent royalty rate for both shallow and deepwater leases, the lowest deepwater rate since the George W. Bush administration,” the DOI stated.

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In Fiscal Year 2025, oil production on the Outer Continental Shelf made up 677.2 million barrels, according to the DOI, which pointed out that this represented 14 percent of all domestic production.

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In December, Big Beautiful Gulf 1, the first auction of Gulf of America acreage since December 2023, generated approximately $300 million in high bids from 30 companies on 181 blocks covering 1.004 million acres in federal waters.

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The most active companies in the auction included Shell, Chevron and BP, whose winning bid of $21.9 million for Block 404 in Green Canyon off the Louisiana coast accounted for 45% of all revenue generated in the lease sale. Other companies submitting winning bids include independent operators LLOG, Talos Energy, Beacon Offshore Energy, Houston Energy and Arena Energy.

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