The U.S. Bureau of Land Management Nevada quarterly oil and gas lease sale resulted in competitive bids for 9,163.88 acres of the 32,342.43 acres offered.
The combined bids, announced Sept. 10, from the sale brought in $38,601.00, which will be distributed between the federal government and Nevada, the BLM said in an announcement Sept. 10.
The BLM offered 28 parcels in Elko and White Pine counties. D.Y. Oil, LLC and Kirkwood Oil &Gas had the highest bid for a parcel, both sold for $4 an acre. For more details about the sale results, please visit goo.gl/g22Jpp
Oil and gas lease 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 permit 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 BLM said.
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.