BLM Nevada December 2015 Oil and Gas Lease Sale Generates $6,676.08
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The Bureau of Land Management (BLM) generated $6,676.08 for its quarterly oil and gas competitive lease sale held in Reno on December 8, 2015. The three (3) parcels offered were presale offers. No competitive bids were received; therefore, the presale offers were accepted and sold to the nominator.
The lease is for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 an acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged. Nearly half the bid and rental receipts go to the state of Nevada.
The BLM offered 3 parcels totaling 3,640.72 acres. The preliminary sale list included 94 parcels totaling 140,388.67 acres. The BLM deferred 91 parcel containing 135,347.95 acres in areas where there were unresolved resource issues. A complete summary of the parcels offered and the winning bids is available online. The next oil and gas sale is scheduled for March 8, 2016.
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.