The U.S Bureau of Ocean Energy Management said Monday it will auction off a new round of oil and gas tracts in the western Gulf of Mexico this coming August.
The agency will offer 21 million acres in offshore Texas that will include 4,000 blocks ranging from nine to 250 miles offshore in depths of 16 feet to about 11,000 feet.
The auction will take place in New Orleans although the exact date has not been set yet.
Six previous sales have netted the agency nearly $2.4 billion.
The BOEM estimates the sale could yield up to 200 million barrels of oil and 939 billion cubic feet of natural gas.
The sale will follow an auction for 40 million acres in offshore Louisiana, Mississippi and Alabama set for March 18.
“As one of the most productive basins in the world, the Gulf of Mexico remains a critical component of the Administration’s domestic energy strategy to create jobs, foster economic opportunities, and reduce America’s dependence on foreign oil,” BOEM director Abigail Ross Hopper.