BLM oil and gas lease sale generates more than $7.7 million
POWELL (WNE) — The Bureau of Land Management Wyoming State Office leased 29 parcels totaling 22,964.88 acres for $7,741,266 in total receipts for its quarterly oil and gas lease sale.
The combined bonus bids and rentals from the leases will be distributed between the federal government and the State of Wyoming.
Consistent with Executive Order 14154, “Unleashing American Energy,” the BLM's lease sales help meet the energy needs of U.S. citizens and solidify the nation as a global energy leader long into the future, according to a department release.
Leasing is the first step in the process to develop federal oil and gas resources.
The BLM ensures oil and gas development meets the requirements set forth by the National Environmental Policy Act of 1969 and other applicable legal authorities.
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 16.67% of the value of production.
This story was published on June 12, 2025.