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.
