BLM WYOMING OIL AND GAS LEASE SALE NETS NEARLY $20 MILLION

BLM WYOMING OIL AND GAS LEASE SALE NETS NEARLY $20 MILLION

In keeping with the Administration’s goal of promoting America’s energy independence, the Bureau of Land Management Wyoming quarterly oil and gas lease sale resulted in competitive bids for 152 of the 170 parcels offered at the sale.

The combined bids from the sale brought in $19.87 million, which will be distributed between the Federal government and the State of Wyoming.

The BLM offered parcels in Campbell, Converse, Crook, Fremont, Goshen, Hot Springs, Johnson, Natrona, Niobrara, Park, Platte, Sweetwater, and Weston counties, Wyoming. The highest bid per acre was made by Titan Exploration LLC at $12,026 per acre.  For more details about the sale results, please visit https://go.usa.gov/xQxMN.

The BLM’s oil and gas leases sales support domestic energy production and American energy independence, and are aligned with the Administration’s America First Energy Plan, an all-of-the-above approach that includes oil and gas, coal, strategic minerals and renewable sources, all of which can be developed on public lands.

The BLM’s policy is to permit oil and gas development if it meets the guidelines and regulations set forth by the National Environmental Policy Act of 1969 and other subsequent laws and policies passed by the U.S. Congress.

Oil and gas leases are awarded for a term of ten years and as long thereafter as there is production of oil and gas in paying quantities.  The Federal government receives a royalty of 12.5 percent of the value of production.  Each state government receives a share of the bonus bid and the royalty revenue from each lease issued in that state.

SOURCE:  https://www.blm.gov/node/15999

Leave a Reply

Your email address will not be published. Required fields are marked *