BLM Colorado's oil and gas lease sale nets $1.6 million
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DENVER - Today, the Bureau of Land Management Colorado State Office sold 28 parcels totaling 19,095 acres for $1,591,471 including rentals and fees at its quarterly oil and gas lease sale. The highest per-acre price was for an 80-acre parcel in Garfield County, sold to Chevron U.S.A. for $260 per acre.
Under authority granted the BLM by Congress in the 2015 National Defense Authorization Act, BLM Colorado conducted the lease sale online via www.energynet.com. Every parcel was available for bidding for two hours during the sale, and the public could monitor the bidding process by logging on to the website.
Every lease will require reclamation and contain standard terms and stipulations designed to protect air, water, wildlife, and historic and cultural resources.
A lease is the first step before eventually applying to develop and produce oil and gas from the public mineral estate. Additional planning, environmental analysis and public input must occur before drilling can begin.
The State of Colorado receives 49 percent of the proceeds of each lease sale. In Fiscal Year 2015, Colorado received more than $247 million from royalties, rentals and bonus bid payments for all federal minerals, including oil and gas. Statewide, more than 22,900 jobs are tied to mineral and energy development on public lands.
For information about BLM Colorado?s oil and gas lease sales, visit: https://www.blm.gov/programs/
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.