BLM to hold 24 hour online oil and gas lease sale beginning June 13
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RENO, Nev. -- The Bureau of Land Management will hold a 24 hour online oil and gas lease sale.
The sale includes 106 parcels totaling almost 196,000 acres in the Battle Mountain District, located in Nye, Lander and Eureka counties. The online auction sale can be found on www.energynet.com. The open bidding period will begin Tuesday, June 13, 2017, at 10:00 a.m. Central Daylight Time (CDT)/8:00 a.m. Pacific Daylight Time (PDT). 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 approximately 24 hours, from start to finish, and bids will only be accepted during a parcel’s open bidding period. The auction website is open to everyone; however, you must register as a bidder on the EnergyNet site before the sale in order to submit bids for any individual parcel.
The authority to conduct onshore oil and gas leases through internet-based bidding methods was provided by the Fiscal Year 2015 National Defense Authorization Act. On August 31, 2016, the BLM published a rule amending its regulations to fully implement this authority and give the agency the flexibility to hold either in-person or online lease sale auctions.
A complete summary of the parcels to be offered, lease stipulations and other documents related to the lease sale are available at https://on.doi.gov/2hXgXsn. The previous Battle Mountain District sale was held June 14, 2016. That sale generated $54,340.00, selling 12 parcels covering 50,415.76 acres through competitive and non-competitive sales.
The oil and gas lease is for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 per acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged. Half of the bid and rental receipts go to the state of Nevada.
The next oil and gas sale is scheduled for the week of September 11, 2017.
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.