BLM Nevada to hold oil and gas lease sale June 14, 2016
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The Bureau of Land Management (BLM) is holding a competitive oil and gas lease sales on Tuesday, June 14 in the Siena Ballroom at the Siena Hotel Spa and Casino, 1 South Lake Street, Reno. Registration and assignment of bidding numbers begins at 8 a.m. and the sale begins at 9 a.m.
The oil and gas sale includes 74,701 acres in the Battle Mountain District, which includes the Tonopah and Mt. Lewis Field Offices. The previous Battle Mountain District sale was held on June 9, 2015 and included approximately 257,000 acres. That sale generated $22,158, selling 12,611.4 acres through non-competitive sales.
The BLM Nevada offers quarterly oil and gas sales as mandated by law. Parcels included are nominated by industry representatives well in advance of a sale. The BLM reviews each parcel location for any resource conflicts, which can result in stipulations placed on the parcel, deferral or partial deferral of a parcel. A complete summary of the parcels to be offered, GIS shapefiles and other documents related to the oil and gas sales are available online.
The oil and gas lease is for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 per acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged. Half of the bid and rental receipts go to the state of Nevada.
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.