Latest Gulf of America Lease Sale fetches $82.6 million for 59 Blocks

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The Trump administration’s third oil and gas lease sale inf the Gulf of Mexico brought $82.68 million in high bids for 59 blocks, the Department of Interior reported.

The sale held Aug. 12 at The National WWII Museum in New Orleans, was the third Gulf offshore oil and gas lease sale required under the omnibus tax cut legislation passed by Congress. Sixteen companies submitted 69 bids totaling $99.47 million.

“From the industrial might that helped win World War II to the offshore energy that powers homes, transportation, manufacturing and small businesses today, the Gulf of America continues to serve the American people,” Interior Secretary Doug Burgum said in announcing the results. “Lease Sale BBG3 advances President Trump’s American Energy Dominance agenda by strengthening energy security, supporting good-paying jobs and helping ensure families have access to reliable, affordable energy.”

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The first in the leasing series, BBG1 in December 2025, generated $300.4 million in high bids for 181 blocks. Results from sale BBG2 in March of this year were more modest at $46.97 million, a drop of about 84% drop from the first sale.

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Lease terms include a 12.5% royalty rate for blocks in all water depths, consistent with the minimum allowed under the Working Families Tax Cut Act.

The Gulf of Mexico Outer Continental Shelf spans approximately 160 million acres and is estimated to contain 26.90 billion bbls. of undiscovered, technically recoverable oil and 45.59 trillion cubic feet of natural gas.

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