BLM Colorado oil and gas lease sale nets $16,281
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LAKEWOOD, Colo – In keeping with the Administration’s goals of promoting America’s energy independence, the Bureau of Land Management Colorado today sold five (5) parcels totaling 1,055.15 acres for $16,281 including rentals and fees at its quarterly oil and gas lease sale.
The combined bids from the sale will be distributed between the federal government and the State of Colorado. The highest per-acre price was $100 sold to TEP Rocky Mountain LLC. More details about this and other lease sales in Colorado are available online at www.blm.gov/colorado/oil-gas.
The BLM offered six (6) parcels totaling 1,091.57 acres in Fremont, Rio Blanco, Jackson and Baca counties.
Oil and gas lease sales support domestic energy production and American energy independence. The BLM’s all-of-the-above approach to energy development includes oil and gas, coal, strategic minerals and renewable sources, which can all be developed on public lands.
The BLM’s policy is to promote 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. The sales are also in keeping with the Administration’s America First Energy Plan, which includes development of fossil fuels and coal, as well as renewable energy.
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. The State of Colorado receives 48 percent of revenues from leases issued on public lands in Colorado.
In Fiscal Year 2017 oil and gas development on public lands managed by the BLM in Colorado contributed $5 billion to the economy. Statewide 25,219 jobs are tied to oil and gas development on BLM-managed public lands
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The BLM manages more than 245 million acres of public land located primarily in 12 Western states, including Alaska. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. The agency’s mission is to sustain the health, diversity, and productivity of America’s public lands for the use and enjoyment of present and future generations. Diverse activities authorized on these lands generated $96 billion in sales of goods and services throughout the American economy in fiscal year 2017. These activities supported more than 468,000 jobs.
The BLM manages more than 245 million acres of public land located primarily in 12 western states, including Alaska, on behalf of the American people. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. Our mission is to sustain the health, diversity, and productivity of America’s public lands for the use and enjoyment of present and future generations.