Oil and Gas Lease Sale in Oklahoma and New Mexico Nets More Than $22M
SANTA FE, N.M. — The Bureau of Land Management announced a competitive oil and gas lease sale offering nine parcels in Oklahoma and New Mexico brought in $22,530,735.
The sale, conducted on Nov. 30, covered a total of 553.59 acres.
The environmental assessment, maps, parcel lists, Notice of Competitive Lease Sale and proposed lease stipulations are available here.
The BLM said in line with the requirements of the Inflation Reduction Act, it will apply a 16.67% royalty rate for any new leases from this sale.
In a press release announcing the outcome of the sale, the agency noted that leasing is the first step in the process to develop federal oil and gas resources.
Before development operations can begin, an operator must submit an application for a permit to drill detailing development plans to the BLM.
The agency will then review the applications for permits to drill, post them for public review, conduct an environmental analysis and coordinate with state partners and other stakeholders.
All parcels leased as part of an oil and gas lease sale include appropriate stipulations to protect important natural resources, the agency said.
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