BLM oil and gas lease sale in Utah nets $92,397
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SALT LAKE CITY – The Bureau of Land Management Utah conducted a competitive oil and gas lease sale today offering one parcel covering 761 acres near Vernal. The parcel sold for $92,397.
The environmental assessment, maps, parcel lists, Notice of Competitive Lease Sale and proposed lease stipulations are available online at the BLM’s ePlanning website at: https://eplanning.blm.gov/eplanning-ui/project/2022373/510.
As authorized under the Inflation Reduction Act, the BLM will apply a 16.67% royalty rate for any new leases from this sale. More information about the Act is available on the BLM's online fact sheet.
Leasing is the first step in the process to develop federal oil and gas resources. Before development operations can begin, an operator must submit an application for permit to drill detailing development plans. The BLM reviews applications for permits to drill, posts them for public review, conducts an environmental analysis and coordinates with State partners and stakeholders.
All parcels leased as part of an oil and gas lease sale include appropriate stipulations to protect important natural resources. Information on current and upcoming BLM lease sales is available through the National Fluid Lease Sale System.
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.