The U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has announced, in a statement posted on its website, a proposed notice of sale for the third offshore oil and gas lease sale under the One Big Beautiful Bill Act.
The proposed lease sale, known as Lease Sale Big Beautiful Gulf 3, or BBG3, is scheduled to take place on August 12, 2026, BOEM noted in the statement, adding that the sale is the third of 30 Gulf of America oil and gas lease sales required by the act.
Lease Sale BBG3 proposes to offer approximately 15,066 unleased blocks covering 80.4 million acres on the U.S. Outer Continental Shelf in the Gulf of America, according to the statement, which pointed out that the blocks are located three to 231 miles offshore and span water depths ranging from nine feet to more than 11,100 feet.
Certain areas will be excluded from the sale, the statement noted. These include “blocks subject to the September 8, 2020, presidential withdrawal; blocks adjacent to or beyond the U.S. Exclusive Economic Zone in the Eastern Gap; and blocks within the boundaries of the Flower Garden Banks National Marine Sanctuary”, the statement pointed out.
The proposed notice of sale will be published in the federal register on February 20, 2026, initiating a 60 day comment period for affected state governors and local governments, the statement highlighted. Following the review of governor input, BOEM said it will publish a final notice of sale in the federal register at least 30 days prior to the scheduled lease sale date on August 12, 2026.
“Lease Sale BBG3 marks another major milestone in the Gulf of America,” BOEM Acting Director Matt Giacona said in the statement.
“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,” he added.
“By offering leases with a competitive 12.5 percent 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,” he continued.
BOEM noted in the statement that the Gulf of America Outer Continental Shelf spans approximately 160 million acres and added that it is estimated to contain 29.59 billion barrels of undiscovered, technically recoverable oil and 54.84 trillion cubic feet of natural gas.
BOEM also highlighted in the statement that Outer Continental Shelf oil and gas activities generate billions of dollars from lease sales, rental fees, and royalties. The funds are distributed to the U.S. Treasury, as well as states through several different revenue sharing programs that fund coastal restoration and hurricane protection projects, BOEM pointed out.
In a statement posted on its website earlier this month, BOEM announced “another major step toward expanding offshore energy development pursuant to the One Big Beautiful Bill Act”.
BOEM noted in the statement that it had released the final notice of sale for Lease Sale Big Beautiful Gulf 2 (BBG2). BOEM announced a proposed notice of sale for the second offshore oil and gas lease sale under the One Big Beautiful Bill Act in a statement posted on its site on November 19.
In a statement posted on its site on December 10, BOEM announced that it had successfully conducted Lease Sale Big Beautiful Gulf 1.
“The sale generated $300,425,222 in high bids for 181 blocks across 80 million acres in federal waters of the Gulf of America,” BOEM revealed in that statement.
“Thirty companies submitted 219 bids totaling $371,881,093,” it added.
On its website, BOEM states that the Outer Continental Shelf is a significant source of oil and gas for the nation’s energy supply. As of April 1, 2025, BOEM manages about 2,227 active oil and gas leases on approximately 12.1 million OCS acres, the site highlights.
“Offshore Federal production in FY 2024 reached approximately 668 million barrels of oil and 700 billion cubic feet of gas, almost all of which was produced in the Gulf of America,” BOEM states on its site.
“This accounts for about 14 percent of all domestic oil production and two percent of domestic natural gas production,” it adds.
To contact the author, email andreas.exarheas@rigzone.com
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