The U.S. Bureau of Land Management (BLM) announced its December oil and gas lease sale in Nevada resulted in competitive bids for 13,217.126 acres.
The BLM offered 156 parcels in Nye, Lincoln and White Pine counties. Kirkwood Oil &Gas LLC had the high bid with $41 an acre for 1 parcel containing 1,000 acres, the BLM said. A total of 268,051.676 acres were offered during this sale, which was in keeping with the administration’s goals of promoting American’s energy independence, the BLM said. The combined bids from the sale brought in $171,921.50, which will be distributed between the federal government and Nevada.
For more details about the sale results, please visit https://go.usa.gov/xV7Ms
The BLM said that its 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 10 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 50 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.