BLM Utah Oil and Gas Lease Sale Nets Nearly $15,000
SALT LAKE CITY — In keeping with the administration’s goals of promoting America’s energy independence, the Bureau of Land Management Utah quarterly oil and gas lease sale generated $14,837 in bonus bids, rentals and filing fees. The competitive bids were for approximately 4,100 acres of the nearly 14,950 acres offered.
The BLM offered nine parcels in Juab County and sold three of the parcels. All three parcels received the minimum bid of $2 per acre. The highest per-parcel price was $4,340, sold to Liberty Petroleum. For more details about the lease sale parcels, please visit: http://go.usa.gov/xXkvq.
Under authority granted the BLM by Congress in the 2015 National Defense Authorization Act and in the Code of Federal Regulations, BLM Utah conducted the lease sale online via www.energynet.com. Each parcel had its own bidding period that lasted two hours, and the public could observe the sale in real time by logging on to the website.
A lease is the first step before eventually applying to develop and produce oil and gas from the public mineral estate. Additional planning, environmental analysis and public input must occur before drilling can begin. If drilling occurs, every lease will require reclamation and contain standard terms and stipulations designed to protect air, water, wildlife, and historic and cultural resources.
For more information about BLM-Utah’s oil and gas lease sales, visit: https://www.blm.gov/programs/e
The BLM manages more than 245 million acres of public land located primarily in the 11 Western states and Alaska. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. In fiscal year 2018, the diverse activities authorized on BLM-managed lands generated $105 billion in economic output across the country. This economic activity supported 471,000 jobs and contributed substantial revenue to the U.S. Treasury and state governments, mostly through royalties on minerals.