Gulf of Mexico Lease Sale 261 Generates $382.17M Amid Criticism Over Offshore Sales and Energy Strategy.

The US Bureau of Ocean Energy Management (BOEM) held the US Gulf of Mexico Lease Sale Sale 261, which saw participation from 26 companies and yielded $382.17m in high bids for 311 tracts spanning 1.7 million acres in the Gulf. The lease sale included previously excluded lease blocks due to potential impacts on the Rice’s whale population from oil and gas activities. The revenues from the lease sale are allocated to the US Treasury, specific Gulf Coast states, local governments, the Historic Preservation Fund, and the Land and Water Conservation Fund. The American Petroleum Institute has criticised the lack of offshore sales as a prime example of the administration’s failure to implement a long-term energy strategy.