RENO — The Bureau of Land Management Nevada quarterly oil and gas lease sale resulted in competitive bids for 38,579 acres of the 313,715 acres offered.
The combined bids from the sale brought in $201,290, which will be distributed between the federal government and Nevada.
The BLM offered 166 parcels in the Battle Mountain District. Twenty-two parcels were sold in Eureka and Nye counties.
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 promote 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.
For more details about the sale results, please visit the BLM Nevada Oil and Gas Lease Sale page at http://www.goo.gl/g22Jpp.