BLM Wyoming oil and gas lease sale nets more than $38 million
Written by broebling on September 25, 2017
Press Release — In keeping with the administration’s goals of promoting American energy independence, the Bureau of Land Management Wyoming quarterly oil and gas lease sale Thursday resulted in competitive bids for 106,687 acres of the 112,820 acres offered, bringing in $38,736,473 in bonus bids.
The bonus bids from the sale will be distributed between the federal government and State of Wyoming. With rentals and administrative fees of $180,412, the total receipts of the sale were $38,916,885.
The BLM offered 137 parcels in Big Horn, Campbell, Converse, Crook, Fremont, Goshen, Johnson, Niobrara, Sheridan, Washakie, and Weston counties. The highest bid per acre was made by Maurice Brown of Cheyenne, at $16,851. For more details about the sale results, please visit: http://bit.ly/2gd4YGY.
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.