GILLETTE, Wyo. — Millions of dollars will be distributed between the state and federal governments following the results of the Bureau of Land Management’s recent quarterly oil and gas lease sale.
According to the BLM, the agency leased four parcels totaling 2,443 acres, netting more than $6.7 million in total receipts. The agency says combined bonus bids and rentals from the lease will be distributed between the federal government and the state of Wyoming.
Leasing is the first step in the process of developing federal oil and gas resources. Oil and gas lease sales support domestic energy production and American energy independence while contributing to the nation’s economic and military security, the BLM says.
“The sales also help meet the energy needs of U.S. citizens and solidify the nation as a global energy leader long into the future,” the BLM said.
Per the BLM, oil and gas leases are awarded for 10 years. After that, they remain in effect as long as there is oil and gas production in paying quantities, with the federal government receiving a royalty of 16.67% of the production value.
Lease sales are held online with all results available on the National Fluid Lease Sale System, according to the BLM.
