BOEM starts process for Virginia offshore mineral lease sale

The Bureau of Ocean Energy Management has initiated the process for a potential offshore mineral lease sale in federal waters off the coast of Virginia. The agency says that the action—only the third of its kind in over three decades—marks a bold step toward unlocking the vast mineral potential of the U.S. Outer Continental Shelf and reinforcing U.S. economic and strategic independence.

“America’s economic vitality and national security depend on reliable access to critical minerals,” said BOEM acting director Matt Giacona. “By advancing responsible offshore leasing, we’re reducing reliance on foreign supply chains and ensuring that the technologies of tomorrow are driven by American innovation.”

As we reported earlier, on Nov. 13, 2025, BOEM received an unsolicited lease sale request from Tampa, Fla.-headquartered Odyssey Marine Exploration Inc. (NASDAQ: OMEX), , focusing on heavy mineral sands and phosphorites offshore Virginia. The submission marked the beginning of BOEM’s official review process.

At the time it filed its submission, Odyssey said that, if it obtains a lease, its capability to advance a project will be enhanced by a collaboration agreement with Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), America’s largest dredging contractor and a trusted federal partner for coastal restoration and resilience projects. GLDD has completed extensive work within the Chesapeake Bay and surrounding areas, maintaining more than 300 miles of navigation channels critical to regional and national commerce. The company’s projects have removed tens of millions of cubic yards of material while supporting beneficial reuse for ecosystem restoration, such as the Paul S. Sarbanes Ecosystem Restoration Project at Poplar Island.

“BOEM’s decision to initiate this process is an important step toward responsibly evaluating the mineral potential of the U.S. Outer Continental Shelf,” said Mark Gordon, chairman and CEO of Odyssey Marine Exploration. “Reliable access to critical minerals is essential to America’s economic vitality and national security. We appreciate BOEM’s leadership in advancing a transparent, science-based review under the Outer Continental Shelf Lands Act.”

“The advancement of our lease request is not an isolated event, but the result of a powerful alignment of events that have unfolded over the past year,” added Gordon. “National policy momentum has elevated the strategic relevance of our projects, that relevance has accelerated regulatory and investor engagement, and our technical programs are now converting momentum into measurable progress. With regulatory pathways opening and a significantly strengthened balance sheet, we are increasingly well positioned to capitalize on this opportunity.”

The next step will be for BOEM to publish a Request for Information and Interest in the Federal Register. The notice will invite feedback from states, tribal nations, ocean users, industry representatives, government agencies, and the public. This input will help inform BOEM’s assessment of the area’s geological potential, environmental and cultural considerations, and compatibility with existing ocean activities such as fishing and maritime navigation.

If BOEM decides to move forward with a lease sale, the agency’s review will be conducted in accordance with all applicable federal laws, including the National Environmental Policy Act, the Endangered Species Act, and the National Historic Preservation Act – ensuring that environmental stewardship and cultural preservation remain central throughout the process.

• More information on BOEM’s Marine Minerals Program-HERE