BLM Eastern States oil and gas lease sale garners nearly $1.4 million
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WASHINGTON — In keeping with the Administration’s goal of promoting America’s energy independence, the Bureau of Land Management-Eastern States State Office (BLM-ESSO) held a quarterly oil and gas lease sale September 12, 2019, that resulted in competitive bids on 30 of 31 available parcels for 3,031.045 acres located in Alabama, Mississippi, Louisiana, and Ohio.
The combined bids plus fees from the sale brought in $1,395,521, which will be distributed between the Federal Government and the states of Alabama, Mississippi, Louisiana, and Ohio. The highest total bid of $301,080 was made by BOP Acquisition LLC for a 119.565-acre parcel on the Wayne National Forest, Monroe County, Ohio, at $2,509 per acre.
All sale results information is linked to the BLM-ES website here: https://www.blm.gov/programs/energy-and-minerals/oil-and-gas/leasing/regional-lease-sales/eastern-states.
The parcel that did not receive bids at today’s lease sale will be available for non-competitive lease for a period of two years beginning on the first business day following the lease sale date.
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 12.5 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.
The BLM’s oil and gas lease sales support domestic energy production and American energy independence, and are aligned with the Administration’s America First Energy Plan, 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.
-- BLM--
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.