Gulf of Mexico oil lease sale generates $82.7 million

The Department of the Interior reported that the third offshore oil and gas lease sale in the Gulf of Mexico, designated as BBG3, generated $82.68 million in high bids for 59 blocks. The auction, held on August 12 at the National WWII Museum in New Orleans, saw 16 companies submit a total of 69 bids covering approximately 330,150 acres of federal waters.

This sale is part of a series of 30 lease sales through 2040 mandated by the ‘One Big Beautiful Bill Act’ (Public Law 119-21), which was signed into law in July 2025. Interior Secretary Doug Burgum stated that the sale advances an ‘American Energy Dominance’ agenda by strengthening energy security and supporting jobs.

While the $82.68 million total is lower than the $300.4 million generated by the first sale (BBG1) in December 2025, it represents higher interest than the second sale (BBG2) in March, which yielded $47 million. Collectively, the three lease sales conducted over the last eight months have generated $410.1 million in high bids.