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BP, Woodside Energy and Chevron emerged as the biggest winners in the U.S. government’s first Gulf oil and gas lease sale since 2023, signaling renewed industry confidence in offshore development, Reuters writes.
The auction generated nearly $280 million in high bids, with companies paying more per acre than at any Gulf sale since 2017, according to Reuters’ analysis.
Chevron placed the single highest bid—nearly $18.6 million—for a deepwater block in the Keithley Canyon area, while BP led overall with the most winning tracts and the largest total bid value. Australia’s Woodside Energy also ranked among the top bidders, alongside Murphy Exploration & Production, Shell and Repsol.
The sale marks a sharp shift from the Biden administration’s limited offshore leasing strategy, following a new law signed by President Donald Trump mandating regular auctions and lowering royalty rates to encourage participation. While total proceeds fell short of the record-setting 2023 sale, federal officials called the results a success, citing strong per-acre bids and a predictable leasing schedule.
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