The U.S. Division of the Inside’s Bureau of Ocean Vitality Administration (BOEM) has introduced, in a press release posted on its web site, a proposed discover of sale for the third offshore oil and fuel lease sale underneath the One Huge Stunning Invoice Act.
The proposed lease sale, generally known as Lease Sale Huge Stunning Gulf 3, or BBG3, is scheduled to happen on August 12, 2026, BOEM famous within the assertion, including that the sale is the third of 30 Gulf of America oil and fuel lease gross sales required by the act.
Lease Sale BBG3 proposes to supply roughly 15,066 unleased blocks protecting 80.4 million acres on the U.S. Outer Continental Shelf within the Gulf of America, in accordance with the assertion, which identified that the blocks are positioned three to 231 miles offshore and span water depths starting from 9 toes to greater than 11,100 toes.
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Sure areas can be excluded from the sale, the assertion famous. These embrace “blocks topic to the September 8, 2020, presidential withdrawal; blocks adjoining to or past the U.S. Unique Financial Zone within the Jap Hole; and blocks inside the boundaries of the Flower Backyard Banks Nationwide Marine Sanctuary”, the assertion identified.
The proposed discover of sale can be printed within the federal register on February 20, 2026, initiating a 60 day remark interval for affected state governors and native governments, the assertion highlighted. Following the overview of governor enter, BOEM stated it would publish a closing discover of sale within the federal register not less than 30 days previous to the scheduled lease sale date on August 12, 2026.
“Lease Sale BBG3 marks one other main milestone within the Gulf of America,” BOEM Appearing Director Matt Giacona stated within the assertion.
“Constructing on the momentum of BBG1 and BBG2, this proposed sale reinforces BOEM’s dedication to common offshore leasing as required underneath the One Huge Stunning Invoice Act,” he added.
“By providing leases with a aggressive 12.5 % royalty charge, BBG3 sends a transparent sign that the period of regulatory uncertainty is behind us, and a brand new section of accountable vitality management has begun,” he continued.
BOEM famous within the assertion that the Gulf of America Outer Continental Shelf spans roughly 160 million acres and added that it’s estimated to include 29.59 billion barrels of undiscovered, technically recoverable oil and 54.84 trillion cubic toes of pure fuel.
BOEM additionally highlighted within the assertion that Outer Continental Shelf oil and fuel actions generate billions of {dollars} from lease gross sales, rental charges, and royalties. The funds are distributed to the U.S. Treasury, in addition to states by a number of completely different income sharing applications that fund coastal restoration and hurricane safety initiatives, BOEM identified.
In a press release posted on its web site earlier this month, BOEM introduced “one other main step towards increasing offshore vitality growth pursuant to the One Huge Stunning Invoice Act”.
BOEM famous within the assertion that it had launched the ultimate discover of sale for Lease Sale Huge Stunning Gulf 2 (BBG2). BOEM introduced a proposed discover of sale for the second offshore oil and fuel lease sale underneath the One Huge Stunning Invoice Act in a press release posted on its website on November 19.
In a press release posted on its website on December 10, BOEM introduced that it had efficiently performed Lease Sale Huge Stunning Gulf 1.
“The sale generated $300,425,222 in excessive bids for 181 blocks throughout 80 million acres in federal waters of the Gulf of America,” BOEM revealed in that assertion.
“Thirty corporations submitted 219 bids totaling $371,881,093,” it added.
On its web site, BOEM states that the Outer Continental Shelf is a major supply of oil and fuel for the nation’s vitality provide. As of April 1, 2025, BOEM manages about 2,227 lively oil and fuel leases on roughly 12.1 million OCS acres, the positioning highlights.
“Offshore Federal manufacturing in FY 2024 reached roughly 668 million barrels of oil and 700 billion cubic toes of fuel, nearly all of which was produced within the Gulf of America,” BOEM states on its website.
“This accounts for about 14 % of all home oil manufacturing and two % of home pure fuel manufacturing,” it provides.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
