The Bureau of Ocean Energy Management Announces Proposed Lease Sale in the Gulf of America
The Bureau of Ocean Energy Management (BOEM) has recently announced the publication of a Proposed Notice of Sale (PNOS) for an oil and gas lease sale in the Gulf of America. This lease sale, known as Lease Sale 262, will offer approximately 15,000 unleased blocks located 3 to 231 miles offshore across the Gulf’s Western, Central, and Eastern Planning Areas. Covering roughly 80 million acres, these blocks are situated in water depths ranging from 9 feet to more than 11,100 feet.
This sale is part of the 2024–2029 Outer Continental Shelf Oil and Gas Leasing Program, with Lease Sale 262 being the first of three planned lease sales in the Gulf of America. BOEM is also in the process of developing a new National Outer Continental Shelf Oil and Gas Leasing Program that will include additional leasing opportunities.
According to BOEM’s Principal Deputy Director, Matt Giacona, “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. 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.”
The Gulf of America Outer Continental Shelf is estimated to contain around 48 billion barrels of undiscovered, recoverable oil and 141 trillion cubic feet of natural gas. Leases awarded through Lease Sale 262 will be for oil and gas exploration and development only, with certain areas excluded from the sale.
As part of efforts to support industry participation and lower production costs, BOEM is proposing a royalty rate of 16 ⅔ percent for both shallow and deepwater leases—the lowest rate for deepwater since 2007. The PNOS will be available for public inspection in the Federal Register on June 26, 2025, and officially published on June 27, 2025.
The publication of the PNOS will initiate a 60-day comment period for affected state governors and local governments. Following this, BOEM will issue a Final Notice of Sale at least 30 days before the scheduled public bid reading, which is proposed for December 10, 2025. The lease sale bid reading will be live streamed via Zoom.
For more information, including the PNOS package and a detailed map of the proposed lease sale area, visit the BOEM website.