Quarterly lease sales attract over $8 million in bids, BLM reports

Quarterly oil and gas lease sales in eight regions netted $8,157,900 in bonus bids for 175 parcels covering 128,483 acres, the US Bureau of Land Management reported. The agency’s New Mexico office had the largest single total with nearly $3.5 million for parcels in Texas and Oklahoma, it said.
June 27, 2017

Quarterly oil and gas lease sales in eight regions netted $8,157,900 in bonus bids for 175 parcels covering 128,483 acres, the US Bureau of Land Management reported. The agency’s New Mexico office had the largest single total with nearly $3.5 million for parcels in Texas and Oklahoma, it said.

Other totals ranged from nearly $2.7 million in Wyoming and more than $1.2 million in Colorado to $35,524 in Utah, $29,440 in Nevada, and $320 in BLM’s Eastern States office for parcels in Arkansas, BLM said. The agency awards oil and gas leases for a term of 10 years and as long as there is production thereafter in paying quantities.

Contact Nick Snow at [email protected].

About the Author

Nick Snow

NICK SNOW covered oil and gas in Washington for more than 30 years. He worked in several capacities for The Oil Daily and was founding editor of Petroleum Finance Week before joining OGJ as its Washington correspondent in September 2005 and becoming its full-time Washington editor in October 2007. He retired from OGJ in January 2020. 

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