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Trump administration to auction Gulf of Mexico oil and gas leases Aug. 12
The Interior Department plans to offer 15,100 unleased blocks across the U.S. Outer Continental Shelf, but bidders submitted only bids covering about 0.4% of the acreage ahead of the sale.
The Trump administration will auction oil and gas leases covering more than 81 million acres in the Gulf of Mexico on Wednesday, August 12, as part of the third of 30 Gulf lease sales required under the 2025 tax and spending law, OilPrice reported.
The Interior Department will offer 15,100 unleased blocks across the U.S. Outer Continental Shelf, with the sites located between three and 231 miles offshore and water depths ranging from nine feet to more than 11,100 feet deep.
Ahead of the sale, pre-sale documents released Tuesday show that 12 companies submitted 69 bids covering roughly 330,000 acres, equivalent to about 0.4% of the 81 million acres offered.
OilPrice noted the Gulf auction comes amid disruption to Middle East crude supplies following the U.S.-Israeli war with Iran that began in February, with Brent crude trading above $89 per barrel, and said the high-bid level in prior Gulf sales has been far smaller than the total acreage on offer.
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