The United States is offering more than 80 million acres in the Gulf of Mexico for oil and gas leasing as the government continues a new schedule of regular offshore auctions.
The Bureau of Ocean Energy Management is holding the Big Beautiful Gulf 3 lease sale on August 12. BOEM lists approximately 80.4 million acres and about 15,100 unleased blocks across the western, central and eastern Gulf planning areas.
The blocks are located between three and 231 miles offshore, with water depths ranging from nine feet to more than 11,100 feet.
Reuters reported that 12 companies submitted 69 bids covering about 330,000 acres ahead of the auction. That represents around 0.4% of the acreage being offered.
The bids are due to be opened publicly during a livestream of the sale.
Big Beautiful Gulf 3 is the third of 30 Gulf offshore oil and gas lease sales required under legislation passed in 2025. The programme introduced a regular schedule of Gulf auctions extending through 2040.
The previous sale, held in March, generated almost US$47 million in high bids for 25 blocks covering approximately 141,000 acres. Thirteen companies submitted 38 bids during that auction.
That result was lower than the first sale under the programme in December 2025, which generated US$279.4 million in high bids.
Offshore oil production remains an important part of US supply. Reuters reported that offshore fields account for about 15% of national oil production.
The August auction comes as disruptions to international crude flows have increased attention on energy supply. Oil prices have also risen during the conflict involving the United States, Israel and Iran.
Results from the latest lease sale will become clearer after the submitted bids are opened and reviewed by federal authorities.