As required by the Inflation Reduction Act, the Bureau of Ocean Energy Management (BOEM) today held Gulf of Mexico Oil and Gas Lease Sale 261. The sale generated $382,168,507 in high bids for 311 tracts covering 1.7 million acres in federal waters of the Gulf of Mexico. A total of 26 companies participated in the lease sale, submitting 352 bids totaling $441,896,332.

Pursuant to a ruling from the United States Court of Appeals for the Fifth Circuit, BOEM included lease blocks that were previously excluded due to potential impacts to the Rice’s whale population from oil and gas activities in the Gulf of Mexico.  

Revenues received from offshore oil and gas leases (including high bids, rental payments, and royalty payments) are directed to the U.S. Treasury, certain Gulf Coast states (Texas, Louisiana, Mississippi, and Alabama) and local governments, the Land and Water Conservation Fund, and the Historic Preservation Fund. 

Lease Sale 261 offered 13,482 unleased blocks on 72.7 million acres in the Gulf’s Western, Central and Eastern Planning Areas.  

A total of 26 companies participated in the lease sale, submitting 352 bids totaling $441,896,332. Lease Sale 261 offered 13,482 unleased blocks on 72.7 million acres in the Western, Central and Eastern Planning Areas of the US GOM. Shell submitted 65 high bids in the lease sale; this was the largest number of total high bids and came in at $69,039,820. Other companies involved included Anadarko with 49 high bids, Repsol with 45, Chevron with 28, BP with 24, Red Willow Offshore with 22, Hess with 20, Woodside Energy with 18, Houston Energy with 17 and Equinor with 13. Occidental subsidiary Anadarko submitted the highest bid on a block with a $25,500,085 bid on Mississippi Canyon Block 389. The block also received the greatest number of bids, with five bids submitted.

KeyFacts Energy Industry Directory: BOEM