The Department of the Interior announced on Mar. 11 that the Bureau of Ocean Energy Management's Lease Sale Big Beautiful Gulf 2 (BBG2) generated $46,976,423 in high bids. The sale took place in New Orleans and was attended by Deputy Secretary Kate MacGregor and Acting Assistant Secretary for Land and Minerals Management Lanny Erdos.
The lease sale is part of President Trump's "One Big Beautiful Bill Act" and is required to advance American energy dominance. It included 25 blocks covering about 141,000 acres in federal waters of the Gulf of America. Thirteen companies submitted a total of 38 bids amounting to $69,838,782.
Secretary of the Interior Doug Burgum said, "Today’s lease sale reflects President Trump’s continued focus on strengthening America’s energy security while supporting jobs and economic growth across the Gulf of America. By advancing responsible offshore development, we’re ensuring that the United States remains a global energy leader and that American families benefit from reliable, affordable energy for years to come."
BOEM Acting Director Matt Giacona stated, "Lease Sale BBG2 represents a significant advancement in BOEM’s offshore oil and gas program in the Gulf of America. Following the substantial industry interest in Lease Sale BBG1, this proposed sale is intended to sustain investment in the U.S. Outer Continental Shelf and bolster American energy independence."
The Final Notice of Sale was published on Feb. 5, outlining lease areas, fiscal terms, and procedures for participation. The agency offered approximately 15,000 unleased blocks across various planning areas with a royalty rate set at 12.5% for both shallow and deepwater leases—the lowest deepwater rate since the George W. Bush administration.
According to information released by the department, oil production from the Outer Continental Shelf accounted for about 14% of all domestic production during Fiscal Year 2025—an average output of roughly 1.86 million barrels per day.
Officials say offshore development supports jobs, local economies, infrastructure investments, education funding, public services, and long-term domestic energy supply while reducing reliance on foreign producers.
More details about Lease Sale BBG2 can be found at https://www.boem.gov/oil-gas-energy/leasing/big-beautiful-gulf-2-bbg2-oil-gas-lease-sale.
