BLM Utah oil and gas lease sale nets over $48,000
Organization:
BLM Office:
Media Contact:
Salt Lake City — In keeping with the Administration’s goals of promoting American’s energy independence, the Bureau of Land Management Utah quarterly oil and gas lease sale resulted in competitive bids for 7,478.00 of the 23,733.19 acres offered.
The combined bids from the sale brought in $48,027.00 which will be distributed between the Federal Government and State of Utah.
The BLM offered 20 parcels in Garfield, Piute, Sanpete, and Sevier Counties, Utah. The highest bid per acre was made by Magnum Producing at $10.00. Magnum Producing also submitted the highest total bid per parcel — $12,400.00— for parcel 26 located in the Richfield Field Office area. For more details about the sale results, please contact BLM Utah State Office.
Oil and gas leases sales support domestic energy production and American energy independence. The BLM’s energy program includes 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 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 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.
Additional information regarding competitive sale lists, detailed results of oil and gas lease sales, or the leasing process is available by writing the Bureau of Land Management, 440 West 200 South, Ste. 500, Salt Lake City, Utah, 84101, or by visiting: https://www.blm.
Persons who use a telecommunications device for the deaf (TDD) may call the Federal Relay Service (FRS) at 1-800-877-8339 to contact these individuals during normal business hours. FRS is available 24 hours a day, 7 days a week to leave a message or question with these individuals. You will receive a reply during normal business hours.
June 13, 2017
BLM Utah Oil and Gas Lease Sale
Results Summary
Parcels Offered for Auction 20
Parcels Sold 8
% Parcels Sold 40 %
Acres Offered 23,733
Acres Sold 7,478.99
Acres Sold 31.51%
-BLM-
Follow us on Twitter, Facebook, and Flickr @BLMUtah
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.