BLM: NM Quarterly Oil & Gas Leases Net $2,875,372

BLM News:
SANTA FE — The Bureau of Land Management New Mexico raised $2,875,372 June 20 in its quarterly oil and gas lease sale.
Nearly 50 percent of the revenue from the sale will go to the states where the oil and gas activity occurs—in this case New Mexico, Kansas and Oklahoma—while the rest will go to the U.S. Treasury.
For this sale, the BLM offered leases on 50 parcels totaling 39,303.57 acres. The highest bid per acre was $30,021 sold to Cimarex Energy for 40 acres in Eddy County. These same 40 acres resulted in the highest bid per parcel at $1,200,840.
The BLM awards oil and gas leases for a term of 10 years and as long thereafter as there is production of oil and gas in paying quantities. If the leases result in producing oil or gas wells, revenue from royalties based on production is also shared with the state.
The BLM is a key contributor to the Trump Administration’s America First Energy Plan, which is an all-of-the-above plan that includes oil and gas, coal, strategic minerals, and renewable sources such as wind, geothermal, and solar, 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 America First Energy Plan, which includes development of fossil fuels and coal, as well as renewable energy.