BLM - Bureau of Land Management

03/14/2018 | Press release | Distributed by Public on 03/19/2018 15:58

BLM Nevada oil and gas lease sale takes in $152,061

BLM Nevada oil and gas lease sale takes in $152,061

RENO, Nev. - In keeping with the Administration's goals of promoting American's Energy independence, the Bureau of Land Management Nevada quarterly oil and gas lease sale resulted in competitive bids for 19,432.94 acres of the 67,797.94 acres offered.

The combined bids from the sale brought in $152,061.50, which will be distributed between the Federal government and Nevada.

The BLM offered 39 parcels in Elko, Eureka and Nye counties. Two parcels sold for $14 an acre. For more details about the sale results, please visit goo.gl/g22Jpp.

Oil and gas leases sales support domestic energy production and American energy independence. The BLM's energy program includes an all-of-the-above approach that includes oil and gas, coal, strategic minerals and renewable sources, all of which can be developed on public lands.

The BLM's policy is to permit oil and gas development if it meets the guidelines and regulations set forth by the National Environmental Policy Act of 1969 and other subsequent laws and policies passed by the U.S. Congress. The sales are also in keeping with the Administration's America First Energy Plan, which includes development of fossil fuels and coal, as well as renewable energy.

Oil and gas leases are awarded for a term of 10 years and as long thereafter as there is production of oil and gas in paying quantities. The Federal government receives a royalty of 12 and one-half percent of the value of production. Each state government receives a 25 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.

The BLM manages more than 245 million acres of public land located primarily in 12 Western states, including Alaska. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. The agency's mission is to sustain the health, diversity, and productivity of America's public lands for the use and enjoyment of present and future generations. Diverse activities authorized on these lands generated $75 billion in sales of goods and services throughout the American economy in fiscal year 2016 - more than any other agency in the Department of the Interior. These activities supported more than 372,000 jobs.