Finance
BP, chevron are top spenders at small US gulf of Mexico oil and gas auction
Published by Global Banking & Finance Review®
Posted on March 11, 2026
2 min readLast updated: March 11, 2026
Quick Summary
On March 11, 2026, a BOEM auction of Gulf of Mexico drilling rights raised $46.98 million, with BP responsible for nearly half of that total and Chevron also among the top spenders.
BP and Chevron Top Bidders in $47 Million Gulf of Mexico Oil Auction
Overview of the Gulf of Mexico Oil Auction
Drilling Rights Sale Results
March 11 (Reuters) - A sale of drilling rights in the Gulf of Mexico on Wednesday ended with $46.98 million in high bids from oil and gas companies, with a single bid from BP accounting for nearly half of the total, according to a livestreamed U.S. government auction.
Industry Participation and Government Policy
The sale, conducted by the U.S. Bureau of Ocean Energy Management, yielded far less industry interest than the last one three months ago. President Donald Trump's administration has prioritized regular lease sales, and is planning for 30 in the region through 2040.
Top Bids and Leading Companies
A $21 million high bid from BP for a block in the Green Canyon area was by far the auction's highest. Other high bidders included Chevron, Woodside Energy, Shell, LLOG Exploration and Anadarko. Chevron's high bid total, for three blocks, neared $11.5 million.
Auction Process
The bids were read via livestream on BOEM's website.
Statements from Officials
Comments from the Interior Department
"Today's results are an important and necessary step forward," Lanny Erdos, the Interior Department's acting assistant secretary for land and minerals management, said at the auction. "We have restored certainty. For far too long, the offshore industry has operated under delays and policy reversals."
About BOEM
BOEM is an arm of the Interior Department.
Reporting Credits
(Reporting by Nichola Groom; Editing by Mark Porter and Will Dunham)
Key Takeaways
- •BP accounted for nearly 50% of the $46.98 million in high bids with a $21 million bid for a Green Canyon block
- •Chevron placed the second‑highest total, about $11.5 million across three blocks
- •The turnout and total bids were markedly lower than the previous lease sale, which generated hundreds of millions in high bids
Frequently Asked Questions about BP, Chevron are top spenders at small US Gulf of Mexico oil and gas auction
1How much were the total high bids in the latest Gulf of Mexico oil auction?
The total high bids in the auction reached $46.98 million.
2Which companies were the top spenders at the Gulf of Mexico drilling rights auction?
BP and Chevron were the top spenders, with BP accounting for nearly half the total bids.
3What was the highest single bid and who made it?
BP made the auction's highest single bid of $21 million for a block in the Green Canyon area.
4Who conducted the Gulf of Mexico oil and gas lease auction?
The U.S. Bureau of Ocean Energy Management (BOEM) conducted the auction.
5How did the industry interest in this auction compare to the previous one?
Industry interest in this auction was lower than in the previous sale three months earlier.
