Aug. 12 — The Trump administration’s latest sale of oil and gas drilling rights in the Gulf of Mexico attracted nearly $82.7 million in high bids on Wednesday, exceeding the results of a March auction but falling well short of a sale held in December.
The Interior Department offered more than 80 million acres in the Gulf as part of the administration’s effort to expand domestic energy production through regular offshore lease sales. The auction was the third of 30 lease sales required under President Donald Trump’s 2025 tax cut and spending law, with sales planned through 2040.
Sixteen companies submitted 69 bids covering about 330,000 acres, or roughly 0.4% of the 81 million acres offered. The blocks were located between 3 and 231 miles offshore on the U.S. Outer Continental Shelf, in water depths ranging from 9 feet to more than 11,100 feet.
The March auction generated nearly 47millioninhighbidsfor25blocksacrossabout141,000acres,whiletheDecembersalebroughtin47millioninhighbidsfor25blocksacrossabout141,000acres,whiletheDecembersalebroughtin279.4 million.
Companies winning drilling rights included units of BP, Chevron and Shell. Offshore production accounts for about 15% of U.S. oil output, though it has lagged behind onshore shale production in recent years because of longer development timelines and higher upfront costs.
Kate MacGregor, deputy secretary of the Interior Department, said the regular auctions would help “unleash the promise of offshore oil and gas.”
The energy industry welcomed the sale despite the weaker bidding compared with December. Erik Milito, president of the National Ocean Industries Association, said the auction was about ensuring the United States has enough energy to keep prices affordable, strengthen national security and support long-term economic growth.
Environmental groups criticized the sale. Julia Forgie, senior attorney at the Natural Resources Defense Council, said it threatened wildlife, coastal economies and communities that depend on a healthy Gulf. Environmentalists also raised concerns that many bids were for deepwater and ultra-deepwater leases, where drilling carries higher risks.
