BLM Wyoming oil and gas lease sale garners nearly $88 million
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CHEYENNE, Wyo. — The Bureau of Land Management Wyoming raised $87.9 million in a competitive oil and gas lease sale last week. The BLM originally planned to offer these parcels in December, but delayed their sale to provide more time for public input.
The BLM analyzed offering 577 nominated parcels at the sale, which occurred Feb. 25-March 1, 2019. Through our public review process and in close coordination with the State of Wyoming, we ultimately offered 565 parcels encompassing about 758,000 acres. The BLM received bids on 437 of these parcels, totaling 527,000 acres.
The BLM applies stipulations to lease terms as appropriate to protect other resources in the area. In addition, parcels that overlap big game migration corridors include a special lease notice requiring lessees to work with the BLM and the Wyoming Game and Fish Department to minimize potential impacts from development. Before drilling can occur, the BLM must analyze site-specific conditions and approve a permit for production and associated infrastructure.
Nearly half of the revenue from every lease sale goes directly to the State of Wyoming. If leases result in producing oil or gas wells, royalties from production are also shared with the State. Oil and gas leases are valid for a term of 10 years and as long thereafter as they produce oil and gas in paying quantities.
The BLM’s oil and gas leases sales support American energy independence and the Administration’s America-First Energy Plan, an all-of-the-above approach that promotes the safe development of oil and gas, coal, strategic minerals and renewable sources on public lands. For more information, please visit https://go.usa.gov/xEdur. We will post a detailed results summary on the web within the coming week.
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.