BLM Oil and Gas Lease Sale Generates Nearly $1 Billion in Revenue

BLM_Logo.png

The Bureau of Land Management’s (BLM) third-quarter oil and gas lease sale in New Mexico broke all previous records by grossing nearly $1 billion in bonus bids for 142 parcels. To put it in perspective, revenue from the sale totaled $972,483,619.50 while the previous record sales year, 2008, generated only $408,631,537. 

In addition to the record total bonus bids, the first day of the sale also resulted in a national record for the highest bid for a single parcel, and the highest per-acre bid ever placed. The winning bid for a 1,240-acre parcel in Eddy County was $81,889 per acre, bringing in more than $101.5 million. 

“The results of this sale show the success that comes with sound energy policy that seeks to use working public lands to ensure reliable energy sources and job growth opportunities," said BLM Deputy Director for Policy and Programs Brian Steed."The Administration remains committed to an era of American energy independence through our multiple-use mission that ensures opportunities for commercial, recreational, and conservation activities on healthy and productive public lands.”

The Trump Administration's America First Energy Plan demonstrates the administration's commitment to sustainability developing America's energy and natural resources to achieve American energy dominance. 

Michigan Petroleum Directory Now Available!