Saturday, November 27, 2021
52.5 F
Fort Worth

Oil and gas lease sale nets $8M for New Mexico, other states

🕐 1 min read


SANTA FE, N.M. (AP) — The latest quarterly oil and gas lease sale for dozens of parcels in New Mexico, Oklahoma and Texas netted more than $8.2 million, federal land managers said.

The Bureau of Land Management reported Friday that nearly half of the revenues earned from this week’s sale will go to the states where the leases are located. The funds are often used for infrastructure projects, law enforcement and other government programs.


In all, 113 parcels totaling more than 76 square miles (197 square kilometers) were offered. The highest bid per acre topped $21,500 with the lease of 120 acres in southeastern New Mexico to Santa Fe-based Federal Abstract Company. The same parcel also received the highest bid per parcel with a total of more than $2.5 million.
The Bureau of Land Management awards oil and gas leases for a 10-year term and as long thereafter as there is production of oil and gas in paying quantities. If the leases result in producing oil or gas wells, revenue from royalties based on production is also shared with the state.

Related Articles

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate