BOEM reinstates results of Gulf of Mexico oil and gas lease sale

Written by Nick Blenkey
offshore oil rigs could be in demand after offshore oil and gas lease sales

Image: BOEM

Complying with a mandate in the Inflation Reduction Act, the Bureau of Ocean Energy Management (BOEM) has accepted 307 highest valid bids from oil and gas Lease Sale 257 in the Gulf of Mexico, totaling $189,888,271.

The Biden Administration had not wanted to hold that sale, but did so on November 17, 2021, in compliance with a court order. On January 27 this year, the sale results were invalidated by a federal judge’s ruling.

NOAA COMMENTS

In response to today’s BOEM announcement, National Ocean Industries Association (NOIA) President Erik Milito issued the following statement:

“The reinstatement of Lease Sale 257 is essential in keeping energy flowing from the Gulf of Mexico. Communities along the Gulf Coast and throughout the country rely upon Gulf of Mexico oil and gas development for good-paying jobs, affordable energy supplies, and important funding for local infrastructure needs, coastal restoration and resiliency, and parks and recreation programs. It had been nearly two years since companies were last able to secure new leases from a region that is recognized as national strategic asset.

“At a time of inflationary energy price impacts and global energy insecurity, the Gulf of Mexico oil and gas sector continues to shine as an economic engine that operates under world class safety standards and produces among the lowest carbon barrels of oil in the world.”

All terms and conditions for Lease Sale 257 are detailed in the Final Notice of Sale information package, which is available HERE  

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