Second U.S. Gulf oil & gas lease sale generates $47M

Second U.S. Gulf oil & gas lease sale generates $47M

The second auction of oil and gas leases in the Gulf of America since President Donald Trump’s election in 2024 drew almost $47 million in high bids, with 98% of the activity in offshore areas deeper than 800 meters, according to sales results released by the Bureau of Offshore Energy Management.

The Big Beautiful Gulf 2 auction in New Orleans on Wednesday drew 38 bids from 13 companies on 25 blocks covering about 141,000 acres in federal waters off the coasts of Texas, Louisiana and Mississippi, according to the agency.