Nye County included in BLM to hold oil and gas lease sale
The U.S. Bureau of Land Management (BLM) is holding a multi-day competitive oil and gas lease sale beginning on Dec. 17 as part of an event that includes Nye County, the agency announced.
The agency will offer 272 parcels for lease totaling approximately 468,815 acres in Nye, Lincoln and White Pine counties in Nevada. The BLM will hold the lease sale online at www.energynet.com
The open bidding period for each day will begin at 7 a.m. Pacific time. Each parcel will have its own unique open bidding period, with start and stop times clearly identified on the auction website.
The open bidding period for each parcel will run for one hour from start to finish, and bids will only be accepted during a parcel’s open bidding period. Parcels may be viewed online at the EnergyNet website approximately 10 business days after the posting of this sale notice on the BLM website.
By statute, the BLM is required to offer quarterly oil and gas leases sales of available federal lands. BLM state offices conduct lease sales quarterly when parcels are available for lease.
These lease sales represent parcels that cleared environmental review and public comment. The BLM issues both competitive and non-competitive leases for a 10-year period.
The leases are a contract to explore and develop any potential oil and gas. The leases may earn an extension if the lessee establishes production. Otherwise, they pay annual rentals.
The BLM generated a record $1.1 billion from 28 oil and gas lease sales in fiscal year 2018. The oil and gas industry on public lands in Nevada contributed $3.1 million in total economic output in fiscal year 2019.
Revenues from onshore oil and gas production on federal lands directly fund the U.S. Treasury, state budgets and support public education, infrastructure improvements, and other state-determined priorities.
Nearly half the bid and rental receipts from lease sales go to the state of Nevada.
