BLM Eastern States oil and gas lease sale nets over $1 million
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WASHINGTON – In keeping with the Administration’s goals of promoting America’s energy independence, the Bureau of Land Management Eastern States quarterly oil and gas lease sale resulted in competitive bids for over 1,184 acres offered. The combined bids from the sale brought in $1,014,725.50 which will be distributed between the Federal government and the states of Ohio and Louisiana, where the parcels were sold.
The BLM offered 350 acres in the Marietta Unit of the Wayne National Forest in Ohio and over 834 acres on the Kisatchie National Forest in Louisiana. The highest bid per acre was made by Triad Hunter, LLC of Marietta, Ohio at $6,502. For more details of the sale results, please visit the BLM website here: https://www.blm.gov/programs/energy-and-minerals/oil-and-gas/leasing/regional-lease-sales/eastern-states
Oil and gas leases sales support domestic energy production, making America great through energy independence. The BLM’s energy program is 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 will 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.
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 and one-half percent of the value of production. Each state government receives a 25 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.
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.