25-06-2025
US proposes Gulf of Mexico oil and gas lease sale in December
June 25 (Reuters) - The Trump administration is proposing to hold a sale of oil and gas drilling rights on 80 million acres in the Gulf of Mexico on December 10, according to the U.S. Bureau of Ocean Energy Management.
President Donald Trump has renamed the Gulf of Mexico the Gulf of America.
The sale would be the first of three outlined in a Biden-era five-year offshore drilling program that included the smallest ever number of oil and gas auctions.
The administration plans to offer about 15,000 unleased blocks located 3 to 231 miles offshore, according to BOEM, a division of the Department of the Interior. It is proposing a royalty rate of 16.67%, the lowest rate since 2007, BOEM said.
"Offshore oil and gas play a vital role in our nation's energy portfolio, with the Gulf of America supplying 14% of domestically produced oil," BOEM Principal Deputy Director Matt Giacona said in a statement. "This proposed lease sale demonstrates BOEM's commitment to advancing American Energy Dominance and fostering the production of affordable, reliable energy resources for the nation.'
