BLM oil and gas lease sale in North Dakota nets $7,703,153

Source: www.gulfoilandgas.com 12/7/2023, Location: North America

The Bureau of Land Management Montana-Dakotas State Office conducted a competitive oil and gas lease sale offering 12 parcels covering 3,650.81 acres in North Dakota. In total, 12 parcels covering 3,650.81 acres sold for $7,703,153.

The environmental assessment, maps, parcel lists, Notice of Competitive Lease Sale and proposed lease stipulations are available online at the BLM’s ePlanning website at: https://eplanning.blm.gov/eplanning-ui/project/2024323/510.

As authorized under the Inflation Reduction Act, BLM will apply a 16.67 percent royalty rate for any new leases from this sale. More information about the Act is available on BLM's online fact sheet.

Leasing is the first step in the process to develop federal oil and gas resources. Before development operations can begin, an operator must submit an application for permit to drill detailing development plans. The BLM reviews applications for permits to drill, posts them for public review, conducts an environmental analysis and coordinates with State partners and stakeholders.

All parcels leased as part of an oil and gas lease sale include appropriate stipulations to protect important natural resources. Information on current and upcoming BLM lease sales is available through the National Fluid Lease Sale System.


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