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BOEM issues final notice for Cook Inlet March 4 lease sale
Kristen Nelson Petroleum News
The U.S. Bureau of Ocean Energy Management said a Cook Inlet outer continental shelf oil and gas lease sale, Big Beautiful Cook Inlet (BBC1), will be held March 4. The final notice of sale, released Jan. 30, includes information on lease terms: a 10-year primary term, a minimum bonus bid of $25 per hectare and a 12.5% royalty rate.
The sale was authorized under the One Big Beautiful Bill Act and is the first of a series, one each year from 2026-28 and from 2030-32,
The lease area covers 1.05 million acres in federal waters of Cook Inlet north of Augustine Island.
"Regular and predictable federal leasing is the minimum standard for maintaining domestic energy production," said BOEM Acting Director Matt Giacona. "Energy security is national security, and this sale reflects a clear, congressionally mandated path forward for Cook Inlet leasing. By offering predictable terms and a transparent process, we are supporting Alaska's role in meeting America's energy needs, strengthening national readiness and creating opportunities for investment and jobs."
Bid evaluation The lease sale will be held March 4 with bids opened online at 10 a.m. BOEM must receive bids by 10 a.m. March 3.
BOEM said it would evaluate high bids using its bid adequacy procedures. The Department of Justice and Federal Trade Commission will review results for antitrust considerations before the bids are accepted and leases issued.
The complete lease sale package including instructions for accessing the livestream of the bid reading is available at www.boem.gov/ak-bbc1.
Recent sales BOEM received no bids in a 2022 federal Cook Inlet sale and a single bid, from Hilcorp, in the 2023 Cook Inlet sale.
The most successful recent federal Cook Inlet sale was in 2017, when Hilcorp took 14 tracts.
There are currently eight active federal OCS leases in Cook Inlet, all held by Hilcorp.
--KRISTEN NELSON
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