The Bureau of Ocean Energy Management Announces Lease Sale 262 in the Gulf of America

The Bureau of Ocean Energy Management (BOEM) has announced a Proposed Notice of Sale for Lease Sale 262, offering approximately 15,000 unleased blocks across the Gulf of America’s Western, Central, and Eastern Planning Areas. The sale will cover roughly 80 million acres located 3 to 231 miles offshore in water depths ranging from 9 feet to more than 11,100 feet.

“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,” said BOEM’s Principal Deputy Director Matt Giacona. “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.”

This offering represents the first of three planned lease sales in the Gulf under the 2024-2029 Outer Continental Shelf (OCS) Oil and Gas Leasing Program. The Gulf of America OCS spans approximately 160 million acres and is estimated to contain around 48 billion barrels of undiscovered, recoverable oil and 141 trillion cubic feet of natural gas.

In a notable development, BOEM is proposing a royalty rate of 16 ? percent for both shallow and deepwater leases—the lowest rate for deepwater since 2007. BOEM’s Acting Regional Director for the GOA Laura Robbins said this move aims “to support robust industry participation, lower production costs, and unleash the full potential of the Gulf of America’s offshore energy reserves.”

Certain areas will be excluded from the lease sale, including blocks subject to the September 8, 2020, presidential withdrawal, blocks adjacent to or beyond the U.S. Exclusive Economic Zone in the northern portion of the Eastern Gap, and blocks within the current boundaries of the Flower Garden Banks National Marine Sanctuary.

The 2024-2029 OCS Oil and Gas Leasing Program, finalized by Biden’s Department of the Interior, is historic in scale for its reduction in leasing activity. Only three lease sales are scheduled, all in the Gulf of Mexico/America, marking the fewest-ever sales scheduled in a five-year OCS plan. The plan also includes no lease sales for the Atlantic, Pacific, or Alaska regions.

In April, the Department of the Interior initiated the development of the 11th National OCS Oil and Gas Leasing Program to replace the current program, with additional leasing opportunities to align with President Trump’s broader “American Energy Dominance” strategy. A notable development is the establishment of the High Arctic as the 27th OCS planning area offshore Alaska. BOEM is also updating boundaries of existing planning areas to align with its revised jurisdiction.

The Notice of Availability for the PNOS will be available for public inspection in the Federal Register on June 26, 2025, and officially published on June 27. This will initiate a 60-day comment period for affected state governors and local governments. The lease sale bid reading is proposed for December 10, 2025, and will be live streamed via Zoom.

Revenue from these leases will be distributed to the U.S. Treasury and states through various revenue sharing programs that fund conservation, outdoor recreation, infrastructure, education, and public services across the nation.