U.S. Department of the Interior sells Gulf of Mexico offshore oil and gas lease rights to BP, Chevron and Shell for $82.7M

Type: Sale · Technology: Oil Gas · Country: United States · Value: $82.7M · Announced: 2026-08-12

The U.S. Department of the Interior sold offshore oil and gas lease rights in the Gulf of Mexico to BP, Chevron and Shell for a total of $82.7 million. The auction covered 15,100 blocks spanning water depths from 9 feet to over 11,100 feet and encompassed 330,000 acres, about 0.4% of the 81 million acres offered. The winning bids were submitted on Wednesday, August 12, 2026, marking the second lease sale since the U.S.-Israeli war with Iran disrupted global crude flows. The transaction supports the Trump administration’s goal to boost domestic energy production and extend the lifespan of offshore oil and gas output, which accounts for roughly 15% of U.S. supply. The sale follows a December auction that generated $279.4 million and a March auction that raised $47 million, highlighting the variability of lease revenues. No advisory firms were disclosed, and the lease terms were set by the Interior Department under the 2025 tax cut and spending law.

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