{"id":225665,"date":"2025-12-10T14:16:09","date_gmt":"2025-12-10T14:16:09","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/225665\/"},"modified":"2025-12-10T14:16:09","modified_gmt":"2025-12-10T14:16:09","slug":"us-holds-first-gulf-of-mexico-oil-and-gas-auction-since-2023","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/225665\/","title":{"rendered":"US holds first Gulf of Mexico oil and gas auction since 2023"},"content":{"rendered":"

Dec 10 (Reuters) – The Trump administration will hold the government’s first sale of oil and gas drilling rights in the Gulf of Mexico since 2023 on Wednesday, a key test of industry appetite for offshore acreage at a time when the United States is seeking to unleash more domestic fossil fuel<\/a> production.The auction is the first of 30<\/a> mandated by U.S. President Donald Trump’s<\/a> tax cut and spending bill, which he signed into law in July. His administration’s plans for offshore leasing are a significant departure from that of his predecessor, President Joe Biden, which had planned for a historically small<\/a> number of oil and gas auctions as part of an effort to move away from fossil fuels and address climate change.<\/p>\n

Sign up here.<\/a><\/p>\n

The U.S. Bureau of Ocean Energy Management offered 81.2 million acres in the Gulf at a royalty rate of 12.5%, the lowest permitted by Trump’s new tax law. Previously, as mandated by Biden’s 2022 Inflation Reduction Act, oil companies were required to pay a minimum of 16.66% in royalties<\/a> to the U.S. Treasury, states and other federal funds.Trump’s law lowered the rate to encourage industry participation in lease sales. U.S. crude oil prices are down about 20% this year, which can limit investment by drillers, though technological innovations in deep-sea drilling are expected to help<\/a> boost Gulf production.<\/p>\n

Offshore production accounts for about 15% of U.S. output, but has lagged onshore shale fields in recent years because of longer timelines and higher upfront costs.<\/p>\n

According to a document of pre-sale statistics on the BOEM website, 26 companies submitted a total of 219 bids on 1.02 million acres, about 1.3% of the acreage offered.<\/p>\n

The bids will be read at an event livestreamed on BOEM’s website on Wednesday morning.<\/p>\n

The last Gulf sale<\/a> in 2023 attracted 352 bids by 26 companies covering 1.73 million acres. It raised $382 million, the highest of any federal offshore lease sale since 2015.<\/p>\n

Reporting by Nichola Groom
\nEditing by Bill Berkrot<\/p>\n

Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n

Purchase Licensing Rights<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Dec 10 (Reuters) – The Trump administration will hold the government’s first sale of oil and gas drilling…\n","protected":false},"author":2,"featured_media":225666,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[269],"tags":[82519,100988,82760,30900,1802,82531,84147,83620,85215,18,83599,7520,83600,83601,83371,82571,440,90374,121231,45748,19,17,82565,82524,112991,83628,45751,83602,112988,85216,112992,82508,1540,83613,83622,82756,83361,92983,133,15170,83368,83618,83366,82564,102727,121230,107,121232,83127],"class_list":{"0":"post-225665","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-environment","8":"tag-amers","9":"tag-amerse","10":"tag-clc","11":"tag-co2","12":"tag-com","13":"tag-destousbsm","14":"tag-destousdnm","15":"tag-destousnrg","16":"tag-destouspom","17":"tag-eire","18":"tag-ener","19":"tag-energy","20":"tag-enff","21":"tag-eng","22":"tag-enr","23":"tag-env","24":"tag-environment","25":"tag-expro","26":"tag-gasoff","27":"tag-gen","28":"tag-ie","29":"tag-ireland","30":"tag-mtpix","31":"tag-namer","32":"tag-namere","33":"tag-ngs","34":"tag-nrg","35":"tag-oilg","36":"tag-oiloff","37":"tag-packageus-politics","38":"tag-padd3","39":"tag-pol","40":"tag-potus","41":"tag-repiexploration-production","42":"tag-repigas","43":"tag-rsbiclimate-change","44":"tag-rsbisustainable-markets","45":"tag-rulestrump","46":"tag-science","47":"tag-sustainable-business","48":"tag-topicenergy-oil-gas","49":"tag-topicenergy-power","50":"tag-topicmarkets-commodities-energy","51":"tag-topicreuters-impact-top-stories","52":"tag-topicworld-mexico","53":"tag-topicworld-us-louisiana","54":"tag-us","55":"tag-usala","56":"tag-wash"},"share_on_mastodon":{"url":"","error":"Validation failed: Text character limit of 500 exceeded"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/225665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=225665"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/225665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/225666"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=225665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=225665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=225665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}