Trump administration offers 81 million acres in Gulf for drilling

Investing.com -- The Trump administration will offer more than 81 million acres in the Gulf of Mexico to oil and gas drillers on Wednesday as part of an effort to increase domestic energy production through regular offshore lease sales.

The sale marks the second since the U.S.-Israeli war with Iran disrupted global crude flows and pushed oil prices to four-year highs. It represents the third of 30 sales mandated by President Donald Trump's tax cut and spending law passed in 2025.

The Interior Department will offer 15,100 unleased blocks located between 3 and 231 miles offshore on the U.S. Outer Continental Shelf. Water depths range from 9 feet to more than 11,100 feet, according to a document posted on a government website.

A pre-sale document released on Tuesday showed that 12 companies submitted a total of 69 bids on 330,000 acres, or about 0.4% of the 81 million acres offered in the Gulf of Mexico, which Trump renamed the Gulf of America under an executive order.

The second auction in March generated nearly $47 million in high bids for 25 blocks across roughly 141,000 acres. That was far less than the first auction in December mandated by the 2025 law, which yielded $279.4 million in high bids.

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.

Bids will be read publicly via livestream on Wednesday.

The Marine Minerals Administration, which the Trump administration created to unify the Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement, will conduct the sale.

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