Murphy Oil Corporation acquires oil and gas blocks in the Big Beautiful Gulf program's third lease sale

Type: Acquisition · Technology: Oil Gas · Country: United States · Value: $21.4M · Announced: 2026-08-12

Murphy Oil Corporation emerged as the top bidder in the third lease sale of the Big Beautiful Gulf (BBG3) program on August 12, 2026, securing oil and gas blocks in the Alaminos Canyon with a total bid of $21.4 million. The company acquired the Blacktip block (AC 380) for $7.7 million and the Leopard block (AC 691), consolidating its position in the Alaminos Canyon area where it had previously acquired the Baha block in BBG1. Murphy's aggressive bidding strategy outpaced competitors including Chevron, which won the most blocks overall but trailed in total bid value. The BBG3 sale generated $99.5 million across 69 bids for 59 blocks, slightly below Wood Mackenzie's forecast of $100-125 million. The Blacktip block drew the highest individual bid at $7.7 million, while the KC 258 block saw four competing offers totaling $18.8 million before BP secured it with a $7.5 million bid.

Counterparties

Source article

📈 The Sherpa Signal — one notable infrastructure deal a day.