An auction of U.S. offshore oil and gas leases brought in more than $279 million on Wednesday, illustrating continued interest in production in the Gulf of Mexico despite global economic uncertainty.
In all, 30 companies sent in more than 200 bids on 181 tracts in the Gulf, which President Donald Trump previously renamed the Gulf of America. Some of the world’s biggest energy companies, including BP and Chevron, were among the bidders.
The day’s total for winning bids landed in the top 10 of Gulf oil and gas lease sales over the last 15 years, according to data from the Interior Department’s Bureau of Ocean Energy Management. Since 2016, one other sale has brought in more revenue — and it came in 2023.
“The strong bidding we saw today reflects sustained industry confidence in the long-term potential of the U.S. outer continental shelf and the clear direction of this Administration to expand responsible offshore development,” Matt Giacona, acting director of BOEM, said in a news release Wednesday.
