Oil & Gas News

In compliance with IRA, BOEM Reinstates Lease Sale 257 Bids

In compliance with congressional direction in the Inflation Reduction Act, the Bureau of Ocean Energy Management (BOEM) has accepted 307 highest valid bids from Lease Sale 257 in the Gulf of Mexico, totaling $189,888,271. BOEM originally held the lease sale in November 2021; a federal judge invalidated the results in February of this year.

Leases resulting from this sale include stipulations to protect biologically sensitive resources, mitigate potential adverse effects on protected species, and avoid potential ocean user conflicts.

The Inflation Reduction Act is a historic and transformational investment toward achieving President Biden’s ambitious goals to tackle the climate crisis while lowering costs for working families and creating good-paying jobs. It will enable the Interior Department to continue playing a leading role in the transition to a clean energy economy. We are committed to implementing the law, including direction regarding the federal oil and gas programs.

All terms and conditions for the Sale are detailed in the Final Notice of Sale information package, which is available at http://www.boem.gov/Sale-257.

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