SALT LAKE CITY — In keeping with the goals of promoting America’s energy independence, the Bureau of Land Management Utah quarterly oil and gas lease sale resulted in competitive bids for 7,478 acres of the over 23,000 acres offered.
The combined bids from the sale brought in $48,027 which will be distributed between the federal government and state of Utah.
The BLM offered 20 parcels in Garfield, Piute, Sanpete and Sevier counties, Utah. The highest bid per acre was made by Magnum Producing at $10. Magnum Producing also submitted the highest total bid per parcel, $12,400 for parcel 26 located in the Richfield Field Office area.
Oil and gas lease 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.
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 12.5 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.
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 America First Energy Plan, which includes development of fossil fuels and coal, as well as renewable energy.
Additional information regarding competitive sale lists, detailed results of oil and gas lease sales, or the leasing process is available by writing the Bureau of Land Management at 440 W. 200 South, Suite 500, Salt Lake City, Utah, 84101, or by visiting: BLM Utah oil and gas lease sales.
Persons who use a telecommunications device for the deaf (TDD) may call the Federal Relay Service at 1-800-877-8339 to contact these individuals during normal business hours. FRS is available 24 hours a day, seven days a week, to leave a message or question with these individuals. You will receive a reply during normal business hours.
For more details about the results of this specific sale, visit: June 2017 oil and gas lease sale.