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The federal government’s second offshore oil and gas lease auction in the Gulf since the 2024 presidential election generated nearly $47 million in high bids, signaling continued industry interest in deepwater exploration, The Center Square writes.
The Bureau of Offshore Energy Management reported nearly 40 bids on Wednesday from more than a dozen companies on 25 offshore blocks covering about 141,000 acres across federal waters off Texas, Louisiana and Mississippi.
Nearly all activity—about 98%—focused on deepwater tracts at depths greater than 800 meters. Major players including BP, Shell and Chevron led the bidding, with BP’s $21.9 million bid for a Green Canyon block off Louisiana accounting for nearly half of the sale’s total revenue.
Offshore production remains a significant component of U.S. energy supply, with the Outer Continental Shelf producing more than 677 million barrels of oil in fiscal year 2025, roughly 14% of domestic output. Revenue from lease sales and royalties supports federal programs and provides funding for Gulf Coast states, including Louisiana, for coastal restoration and infrastructure projects.
The Center Square has the full story.
