BOEM plans third offshore lease sale under One Big Beautiful Bill Act

Core Viewpoint - The Bureau of Ocean Energy Management (BOEM) is set to conduct a third offshore oil and gas lease sale, Lease Sale Big Beautiful Gulf 3 (BBG3), on August 12, 2026, as part of the One Big Beautiful Bill Act (OBBA) [1][4]. Group 1: Lease Sale Details - 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 [2]. - The blocks are located between three and 231 miles offshore, with water depths varying from 9 feet to over 11,100 feet [2]. - Areas excluded from this sale include those affected by a presidential withdrawal in September 2020, blocks adjacent to or beyond the US Exclusive Economic Zone in the Eastern Gap, and areas within the Flower Garden Banks National Marine Sanctuary [3]. Group 2: Legislative and Economic Context - The OBBA mandates the Department of the Interior 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, aiming to provide predictability and encourage investment in offshore infrastructure [4][5]. - The OCS is estimated to hold around 29.59 billion barrels of undiscovered oil and approximately 54.84 trillion cubic feet of natural gas [5]. - Economic benefits from these activities include revenues from lease sales, rental fees, and royalties, contributing billions of dollars to the US Treasury and state governments through revenue-sharing programs that support coastal restoration and hurricane protection projects [6]. Group 3: Strategic Implications - The initiative is intended to bolster state and federal revenues for infrastructure, education, and public services while enhancing US energy independence [6]. - It is also seen as a means to reduce reliance on foreign energy sources and reinforce the US's position as an energy leader [7].