The Bureau of Ocean Energy Management (BOEM), which operates under the US Department of the Interior (DoI), has announced its intention to conduct a third offshore oil and gas lease sale as stipulated by the One Big Beautiful Bill Act (OBBA).
Scheduled for 12 August 2026, the proposed lease sale, dubbed Lease Sale Big Beautiful Gulf 3 (BBG3), marks another step in the series of 30 sales mandated by the legislation.
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Approximately 15,066 unleased blocks will be available in BBG3, covering around 80.4 million acres on the US Outer Continental Shelf (OCS) in the Gulf of Mexico.
These blocks are located between three and 231 miles offshore, with water depths varying from 9ft to more than 11,100ft.
However, areas excluded from this sale include those affected by a presidential withdrawal in September 2020. They also include blocks adjacent to or beyond the US Exclusive Economic Zone in the Eastern Gap, as well as areas within the Flower Garden Banks National Marine Sanctuary.
BOEM acting director Matt Giacona said: “Lease Sale BBG3 marks another major milestone in the Gulf of America. Building on the momentum of BBG1 and BBG2, this proposed sale reinforces BOEM’s commitment to regular offshore leasing as required under the One Big Beautiful Bill Act.
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By GlobalData“By offering leases with a competitive 12.5% royalty rate, BBG3 sends a clear signal that the era of regulatory uncertainty is behind us, and a new phase of responsible energy leadership has begun.”
Under the OBBA, Congress has instructed the DoI to conduct 36 offshore oil and gas lease sales in the Gulf of Mexico and Alaska’s Cook Inlet on a scheduled basis until 2040.
This legislative framework aims to provide the industry with predictability, encourage investment in offshore infrastructure and align with the administration’s objectives of increasing domestic energy output while decreasing dependence on foreign oil sources.
The OCS is estimated to hold around 29.59 billion barrels of undiscovered oil and approximately 54.84 trillion cubic feet of natural gas.
The economic benefits from these activities include revenues from lease sales, rental fees and royalties, which contribute billions of dollars to the US Treasury and state governments through revenue-sharing programmes supporting coastal restoration and hurricane protection projects.
Offshore oil and gas development is intended to bolster state and federal revenues for infrastructure, education and public services while enhancing US energy independence.
This initiative is also seen as a means to reduce reliance on foreign energy sources and reinforce the US’ position as an energy leader.
The proposed notice of sale pertaining to BBG3 will be published in the Federal Register, beginning a 60-day comment period for input from state governors and local governments.
After reviewing their feedback, BOEM will release a final notice of sale at least 30 days before the lease sale date.
