The Bureau of Land Management (BLM) New Mexico State Office auctioned seven parcels on 1,317 acres, and its latest quarterly oil and gas rental sales generated $20.67 million in total revenue.
The remittance proceeds from bills and rents will be shared between the federal government and New Mexico.
According to BLM, sales of oil and gas leasing are crucial to support domestic energy production, strengthen U.S. energy independence and contribute to the country’s economic and military security.
In consistency with Executive Order 14154, which released U.S. Energy in 14154, BLM’s lease sales will help meet the energy needs of U.S. citizens and maintain the country’s position as the world’s leading global energy source.
Leasing marks the initial stages of the development of federal oil and gas resources. The mission of BLM is to ensure that oil and gas development is in compliance with the National Environmental Policy Act of 1969 and other relevant legal frameworks.
These regulations have been appropriate to protect the environment while promoting resource development.
Once granted, the oil and gas lease will be valid for ten years and can be extended as long as oil and gas is continued.
The federal government benefited from the royal family, and the royalty was set at 16.67% of the value of oil and gas production.
BLM conducts rental sales online through EnergyNet, an established trading platform of such a type.
The BLM’s jurisdiction spans more than 245 million acres of public land, mainly in Western countries, including Alaska.
In addition, BLM manages 700 million acres of underground minerals nationwide.
“BLM can earn $20.67 million from quarterly oil and gas leasing,” originally created and published by GlobalData-owned brand Offshore Technology.
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