The US Bureau of Ocean Energy Management (BOEM) will conduct Lease Sale Big Beautiful Gulf 3 (BBG3) on 12 August 2026. This sale is the third of 30 planned offshore oil and gas lease sales mandated by the One Big Beautiful Bill Act.

Sale Details and Location

The sale will offer 15,066 unleased blocks covering approximately 80.4 million acres in the US Gulf of Mexico's outer continental shelf. The blocks are located in water depths ranging from 9 feet to over 11,100 feet.

Context of the Lease Sale Program

BBG3 follows two previous sales under the same legislative framework. Lease Sale Big Beautiful Gulf 1 (BBG1), held in December of the previous year, generated $279.4 million in high bids from 30 companies. Lease Sale Big Beautiful Gulf 2 (BBG2) is scheduled for 11 March of the current year.

Significance and Resource Potential

BOEM's acting director stated the sale, featuring a 12.5% royalty rate, signifies a move past regulatory uncertainty for the industry. The broader US Gulf outer continental shelf, spanning about 160 million acres, is estimated to contain significant resources: 29.59 billion barrels of undiscovered, technically recoverable oil and 54.84 trillion cubic feet of natural gas.

Next Steps

The proposed notice of sale for BBG3 will be available for public inspection in the Federal Register on 20 February.