March Oil and Gas Lease Sale Nets Over Five Million Dollars
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WASHINGTON—The Bureau of Land Management Eastern States (BLM-ES) quarterly oil and gas lease sale resulted in competitive bids for all of the 1,147.10 acres offered. The on-line sale was hosted on www.EnergyNet.com. The combined bids brought in $5,119,501.50 which will be distributed between the Federal government and the State of Ohio where the parcels were located.
The BLM ES offered 20 parcels in Monroe County, Ohio, located on the Marietta Unit of the Athens Ranger District on the Wayne National Forest. The highest bid per acre was made by Mr. Philip White, Albuquerque, NM, at $10,081.65. For more details about the sale results, please visit: http://bit.ly/2nK1vXn.
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; in partial fulfillment of 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.
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.