The US Bureau of Ocean Energy Management (BOEM) has published a proposed notice of sale (PNOS) for approximately 15,000 unleased offshore blocks in the Gulf of Mexico, the bureau announced on Wednesday.
Blocks falling under Lease Sale 262 for oil and gas exploration and development are located between approximately 5-370 kilometres offshore in the Gulf’s Western, Central and Eastern Planning Areas in water depths ranging between 3-3,400 metres. The blocks cover a total area of approximately 324,000 square kilometres.
The bureau noted that certain areas may be excluded, including blocks subject to the 2020 presidential withdrawal, blocks adjacent to or beyond the US Exclusive Economic Zone and blocks within the boundaries of the Flower Garden Banks National Marine Sanctuary.
BOEM is proposing a royalty rate of 16.7% for both shallow and deepwater leases. This is the lowest rate offered for deepwater leases since 2007.
The Gulf’s Outer Continental Shelf covers around 648,000 square kilometres and is estimated to hold 48 billion barrels of undiscovered, recoverable oil and 4 tcm (141 tcf) of natural gas. The Gulf currently accounts for 14% of all oil produced in the USA.
The PNOS will be officially published on June 27, 2025. Following publication, it will be subject to a 60-day comment period for the affected state governors and local governments, and the lease sale bid reading is expected for December 10, 2025.
Established in 2010 under the US Department of the Interior, BOEM manages the development of Outer Continental Shelf energy and mineral resources. Its operations span oil and gas leasing, environmental studies, renewable energy development and resource assessment.
Source: theenergyyear.com