The Bureau of Land Management (BLM) Utah quarterly oil and gas lease sale on Sept. 11 resulted in competitive bids for 69 of the 109 parcels offered in the West Desert, Color Country and Green River Districts.
North American Helium, of Calgary, Alberta, submitted the highest total bid per acre — $221 — for parcel 48 in the Price Field office area.
North American Helium submitted the highest total bid per parcel — $435,591 — also for parcel 48.
For more details about the sale results, visit: http://go.usa.gov/xXk8c.
The BLM said the oil and gas lease sales support domestic energy production and American energy independence.
The BLM’s energy program includes oil and gas, coal, strategic minerals and renewable sources, 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.
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.
Oil and gas development on BLM-managed lands in Utah contributed $1.7 billion to the economy and supported 9,171 jobs in fiscal year 2016, the BLM said.
North American Helium submits highest bids
