BOEM Completes Tract Evaluation and Awards 63 Leases

Release Date

The Bureau of Ocean Energy Management (BOEM) completed its required evaluation to ensure the public receives fair market value for tracts leased in Gulf of Mexico Regionwide Lease Sale 254, held on March 18, 2020. Twenty-two companies participated in the sale, and a total of $93 million in high bids were offered.

After extensive geological, geophysical, engineering, and economic analysis, BOEM has awarded 63 leases on tracts covering more than 351,205 acres. The accepted high bids are valued at $86,240,453 million. BOEM accepted the 63 bids after determining that the value of each bid was sufficient to provide the public with fair market value for each tract. Eight high bids were rejected, totaling $6,843,000 million. The rejected bids will be available in future sales. The highest bid accepted was $11.1 million submitted by BHP Billiton Petroleum (Deepwater) Inc. for the Green Canyon 80 lease block. For more information on Sale 254 go to