The Trump administration has launched its offshore energy comeback with a dramatic opening salvo: a Gulf of Mexico lease sale that pulled in $279.4 million in high bids and drew heavyweight players Chevron, BP and Shell into a competitive frenzy reminiscent of an arms race beneath the waves.
First of 30 Mega-Sales Under July Energy Law
The Interior Department’s Bureau of Ocean Energy Management (BOEM) announced Wednesday that the auction marked the first of 30 required offshore offerings under President Donald Trump’s sweeping “One Big Beautiful Bill”—a tax-and-spending package signed in July that sharply pivots U.S. energy policy back toward aggressive offshore development.
These are the first Gulf drilling rights offered since 2023. BOEM said the auction supports a Jan. 20 executive order from the Trump administration demanding agencies accelerate offshore oil and gas expansion.
BOEM Praises Industry Confidence
“The strong bidding we saw today reflects sustained industry confidence in the long-term potential of the U.S. outer continental shelf,” said acting BOEM director Matt Giacona, adding that the results underscore the administration’s determination to “expand responsible offshore development.”
