BLM fetches $34.4 million in high bids from New Mexico, Kansas lease sale

June 24, 2024
The Bureau of Land Management (BLM) received $34.4 million in high bids during its most recent lease sale in New Mexico and Kansas.

The Bureau of Land Management (BLM) received $34.4 million in high bids during its most recent lease sale in New Mexico and Kansas.

BLM offered 18 parcels covering 3,128 acres. In total, it received 451 bids on 14 parcels covering 2,768 acres, roughly 88.5% of the total acreage offered, the Interior Department division said in a statement on June 20.

Leases are subject to a 16.67% production royalty rate with revenues split between the state where drilling occurs and the US Treasury.

BLM noted that leasing is only the first step in the process to develop federal oil and gas resources. Before development operations can begin, an operator must receive a permit to drill, which requires the operator to file a development plan, a public review and environmental analysis of the plan, and consultation with state partners and other stakeholders.

About the Author

Cathy Landry | Washington Correspondent

Cathy Landry has worked over 20 years as a journalist, including 17 years as an energy reporter with Platts News Service (now S&P Global) in Washington and London.

She has served as a wire-service reporter, general news and sports reporter for local newspapers and a feature writer for association and company publications.

Cathy has deep public policy experience, having worked in 15 years in Washington energy circles.

She earned a master’s degree in government from The Johns Hopkins University and studied newspaper journalism and psychology at Syracuse University.