BLM Oil and Gas Lease Sale Nets Over $658,000 from Parcels in Oklahoma and Texas
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As part of President Obama's all-of-the-above strategy to continue to expand safe and responsible domestic energy production, a Bureau of Land Management (BLM) oil and gas lease auction today netted over $658,000 in revenues from the sale of 14 Federal leases in the States of Oklahoma and Texas. BLM oil and gas leases are awarded for a period of 10 years and for as long thereafter as there is production in paying quantities. The revenue from the sale of these Federal leases, as well as the 12.5 percent royalties collected from the production of those leases, is shared between the Federal Government and the States of Oklahoma and Texas. Fifty-two percent of the revenue generated goes to the Federal Government and 48 percent to the state where leasing occurs. The sale netted $658,194.50. A total of 14 parcels were offered, one in Oklahoma and 13 in Texas. The State of Oklahoma will receive about $38,976 on 1 Federal lease totaling 27.66 acres and Texas will receive $273,916.32 on 13 Federal leases totaling 2,746.19 acres. The Mineral Leasing Act of 1920 and the 1987 Federal Onshore Oil and Gas Leasing Reform Act authorize leasing of Federal oil and gas resources. The 1987 law requires each BLM state office to conduct oil and gas lease sales on at least a quarterly basis. BLM lease sales are competitive and conducted by oral bidding.
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.