The Trump administration will offer more than 81 million acres (32.8 million hectares) in the Gulf of America to oil and gas drillers as part of an effort to boost domestic energy production with regular offshore lease sales.
The sale is the second since the U.S.-Israeli war with Iran disrupted global crude flows and sent oil prices to four-year highs. It is the third of 30 mandated by U.S. President Donald Trump's tax cut and spending law passed in 2025.
The Interior Department will offer 15,100 unleased blocks located between 3 and 231 miles (4.8 to 372 km) offshore on the U.S. Outer Continental Shelf. Water depths range from 9 feet to more than 11,100 feet (2.7 to 3,380 meters), according to a document posted on a government website.
According to a pre-sale document released on Tuesday, 12 companies submitted a total of 69 bids on 330,000 acres, or about 0.4% of the 81 million acres offered in the Gulf of America.
The second auction in March generated nearly $47 million in high bids for 25 blocks across roughly 141,000 acres. That was far less than the first auction in December mandated by the 2025 law, which yielded $279.4 million in high bids.
Offshore production accounts for about 15% of U.S. output, but has lagged onshore shale fields in recent years because of longer timelines and higher upfront costs.
Bids will be read publicly via livestream on Wednesday.
The sale will be conducted by the Marine Minerals Administration, which the Trump administration created to unify the Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement.
(Reuters)
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