As required by the Inflation Reduction Act of 2022, BOEM held Gulf of Mexico Oil and Gas Lease Sale 259 on Wednesday March 29, 2023.
BOEM completed its review of Gulf of Mexico Lease Sale 259 to ensure the public received fair market value for acreage bid upon during the oil and gas lease sale.
Thirty-two companies participated in the sale, and a total of $263.8 million in high bids were offered on 313 tracts.
After extensive geological, geophysical, engineering, and economic analyses, BOEM has awarded a total of 299 leases on tracts covering approximately 1,599,448 acres. The accepted high bids are valued at $250,556,978.
BOEM rejected 14 high bids totaling $13,244,805.00. The rejected tracts will be available in future sales. The highest bid accepted was $15,911,947 submitted by Chevron USA, Inc for Keathley Canyon 96.