09/21/2018 | Press release | Distributed by Public on 09/21/2018 15:02
WASHINGTON - In keeping with the Administration's goal of promoting America's energy independence, the Bureau of Land Management-Eastern States State Office (BLM-ESSO) quarterly oil and gas lease sale, held September 20, 2018, resulted in competitive bids for over 3,120.06 acres offered in the states of Arkansas and Michigan.
The combined bids from the sale brought in $13,483.50, which will be distributed between the Federal government and the states of Arkansas and Michigan. The highest bid was made by R&R Realty, Corpus Christi, Texas, for a 1,040-acre parcel in Muskegon County, Michigan at $2.00 per acre. All sale results information is linked to the BLM-ES website here: https://www.blm.gov/programs/energy-and-minerals/oil-and-gas/leasing/regional-lease-sales/eastern-states.
The BLM's oil and gas leases sales support domestic energy production and American energy independence, and are aligned with the Administration's America First Energy Plan, 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.
Oil and gas leases are awarded for a term of ten years and as long thereafter as there is production of oil and gas in paying quantities. The Federal government receives a royalty of 12.5 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.