$279 million in offshore bids seen as win by Louisiana officials

AI-assisted summary

The first oil and gas lease sale since the One Big Beautiful Bill passed generated more than $279 million in bids.

Officials say the sales are long-term economic drivers for Louisiana's Terrebonne and Lafourche parishes.

The sale brought in less money than a 2023 sale, which also had higher royalty rates for oil companies.

Officials attribute the lower bids to the certainty of future sales, which reduces the need for aggressive bidding.

Terrebonne and Lafourche are expected to gain from the first oil and gas lease sale since the passing of the One Big Beautiful Bill Act. It generated $279 million in bids.

The U.S. Department of the Interior held a Zoom conference Dec. 11, announcing the sales as a victory for America’s energy production. During the call, acting Re