CASPER, Wyo. — A quarterly oil and gas lease sale raised $8.3 million.
The Bureau of Land Management received bids on 175 parcels during the sale, they said on Wednesday, Sept. 18.
Those parcels total 264,000 acres.
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“The BLM reviewed 224 parcels nominated for the sale and ultimately offered 210, totaling about 320.511 acres,” the announcement adds. “We deleted or deferred 12 whole parcels and parts of 14 others because of resource conflicts.”
Drilling on these leases is not yet authorized.
“At this stage, the BLM applies standard terms and conditions and appropriate stipulations to each lease to protect other resources in the area,” BLM Wyoming explains. “Before authorizing development on a lease, the BLM must approve a separate drilling permit based on further analysis of detailed site-specific plans and conditions.”
In 2018, BLM Wyoming’s lease sales generated $117 million.
“About half of the revenue from Wyoming lease sales is disbursed to the State of Wyoming to fund state-determined priority projects,” BLM Wyoming adds. “If a lease results in production, the associated royalties are also shared with the state.”
More information about the sale and review process is available online.