In compliance with congressional direction in the Inflation Reduction Act, the US Bureau of Ocean Energy Management (BOEM) has accepted 307 highest valid bids from Lease Sale 257 in the Gulf of Mexico, totalling almost $190m. BOEM originally held the lease sale in November 2021, and a federal judge invalidated the results earlier this year.
Leases resulting from the sale include stipulations to protect biologically sensitive resources, mitigate potential adverse effects on protected species, and avoid potential ocean-user conflicts.
To achieve support required to pass the Inflation Reduction Act, signed into law in August, the Biden administration included a mandate to sell drilling rights in the Gulf of Mexico. The Act also stipulates that new renewable power projects on federal lands are contingent on oil and gas leasing over the next decade.
