US Sets GoM Oil, Gas Lease Sale Despite Lackluster Demand

The U.S. Department of the Interior said on July 12 it would hold a record-sized auction for oil and gas leases in the Gulf of Mexico (GoM) in August, in an attempt to spark interest in offshore drilling months after a similar sale received a weak response from energy companies.

The sale, to be held on August 15, includes all available unleased areas in federal waters of the GoM in about 78 million acres (31.5 million hectares) off Texas, Louisiana, Mississippi, Alabama and Florida. It is the third sale in the agency’s 2017-2022 program, which aims to hold 10 sales in all.