Gulf of Mexico Oil and Gas Lease Sale Results Announced

Source Company Press Release
Company Perdido Offshore, LLC, Arena Energy, Beacon E&P Company, LLC, BP Plc., Byron Energy Limited, Cantium LLC, Chevron Corporation, CSL Exploration, LP, Equinor ASA, ExxonMobil, Focus Exploration, LLC, Hess Corporation, Houston Energy, L.P., Isabel Petroleum LLC, Juneau Oil & Gas, LLC, Kosmos Energy Ltd., LLog Exploration Offshore, Inc, Murphy Oil Corporation, Occidental Petroleum Corporation, Prominence Energy NL, QuarterNorth Energy LLC, Red Willow Offshore, LLC, Renaissance Offshore, Repsol, Ridgewood Energy Corp, Sandman Offshore, LLC, Shell Plc, Talos Energy Inc., W & T Offshore, Inc., Walter Oil & Gas Corporation, Westlawn Group, Woodside Energy Group Ltd
Tags Country: United States, M&A: Deals, Licensing Round, Upstream: Upstream News
Date March 29, 2023

As required by Congressional direction in the Inflation Reduction Act of 2022, the Bureau of Ocean Energy Management (BOEM) held Gulf of Mexico Lease Sale 259, which generated $263,801,783 in high bids for 313 tracts covering 1.6 million acres in federal waters of the Gulf of Mexico. 

A total of 32 companies participated in the lease sale, submitting $309,798,397 in total bids. Leases resulting from this sale will include stipulations to mitigate potential adverse effects on protected species and to avoid potential conflicts with other ocean uses in the region. 

Revenues received from offshore oil and gas leases (including high bids, rental payments, and royalty payments) are directed to the U.S. Treasury, certain Gulf Coast states (Texas, Louisiana, Mississippi and Alabama) and local governments, the Land and Water Conservation Fund and the Historic Preservation Fund. 

Lease Sale 259 offered approximately 13,600 unleased blocks, approximately 73 million acres, in the Gulf’s Western, Central and Eastern Planning Areas.  

All terms and conditions for Lease Sale 259 are detailed in the Final Notice of Sale information package, which is available at https://www.boem.gov/oil-gas-energy/leasing/lease-sale-259.

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