GOM Lease Sale 259 attracts nearly $264 million in high bids

The US Bureau of Ocean Energy Management (BOEM) held Gulf of Mexico Lease Sale 259 today, which generated $263,801,783 in high bids for 313 tracts covering 1.6 million acres in federal waters of the Gulf of Mexico.

A total of 32 companies participated in the lease sale, submitting $309,798,397 in total bids. Leases resulting from this sale will include stipulations to mitigate potential adverse effects on protected species and to avoid potential conflicts with other ocean uses in the region.

Revenues received from offshore oil and gas leases, including high bids, rental payments and royalty payments, are directed to the US Treasury, certain Gulf Coast states (Texas, Louisiana, Mississippi and Alabama) and local governments, the Land and Water Conservation Fund and the Historic Preservation Fund.

Lease Sale 259 offered approximately 13,600 unleased blocks, approximately 73 million acres, in the Gulf’s Western, Central and Eastern Planning Areas.

All terms and conditions for Lease Sale 259 are detailed in the Final Notice of Sale information package, which is available at https://www.boem.gov/oil-gas-energy/leasing/lease-sale-259.