March oil, gas lease sale nets over $284,000

an oil well operates in west texas
An oil well operates in West Texas. Photo courtesy of Wikimedia Commons

The Bureau of Land Management’s Utah quarterly oil and gas lease sale resulted in competitive bids for 22 parcels offered in the BLM’s Green River District, totaling over $284,000 in receipts, according to a press release from the agency.

R&R Royalty of Corpus Christi, Texas submitted the highest total bid per acre —$501 — for parcel 23, and the highest total bid per parcel — $120,240 — also for parcel 23. For more details about the sale results, visit: go.usa.gov/xXk8c.

Revenues from onshore oil and gas production on federal lands directly fund the U.S. Treasury and state budgets, according to BLM officials, and support public education, infrastructure improvements, and other state-determined priorities. Forty-eight percent of lease sale revenue goes to the state while the remainder is transferred to the U.S. Treasury. The state also receives half of the revenue from royalties if oil and gas is developed on the lease.