RENO — The Bureau of Land Management Nevada State Office leased 10 parcels totaling 19,954 acres for $295,309 in total receipts for its quarterly oil and gas lease sale.
The combined bonus bids and rentals from the lease will be distributed between the federal government and the State of Nevada.
Oil and gas lease sales support domestic energy production and American energy independence, while contributing to the nation’s economic and military security. 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.
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 percent of the value of production. Information on current and upcoming BLM leases is available through the National Fluid Lease Sale System.