Insight
US Gulf of Mexico Lease Sale 259: Chevron makes a 100 million dollar move
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The US Gulf of Mexico (GoM) region-wide Lease Sale 259 was held on 29 March 2023. It attracted 353 bids from 32 companies, with high bids totalling US$264 million. Compared to the last sale in November 2021, the number of blocks receiving bids remained nearly unchanged, from 308 to 313. However, the high bid amount increased by 38% - from US$192 million to US$264 million. Not since 2017 have high bid amounts exceeded US$250 million.
Table of contents
- Executive summary
-
The Majors: different strategies and a big move by Chevron
- Competition: dollars fighting for pounds (of pressure)
- ExxonMobil: the carbon capture program expands – but how will it work?
- Independents: Beacon shines with joint bids
- Conclusion
Tables and charts
This report includes the following images and tables:
-
Lease Sale 259 summaryMost recent Lease Sales (2019-2023)Top 10 companies by high bids
-
Shelf bids and bonuses by Lease Sale (2016-2023)Shelf bids and bonuses by Lease Sale (2016-2023)Central Gulf of Mexico bid resultsWestern Gulf of Mexico bid results
What's included
This report contains:
Other reports you may be interested in
Asset Report
US GoA (GoM) Deepwater exploration basin
The US GoA (GoM) deepwater basin continues to attract interest from both Majors and independents with promising exploration activity.
$2,800
Commodity Market Report
Macro Oils short-term outlook: September 2020
One step forward, two steps back as demand stumbles and OPEC+ increases.
$2,000
Insight
Global oil supply short-term update - August 2025
OPEC continue accelerated production return; US Lower 48 supply outlook downgraded
$1,350
