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BLM Offers 3.98 Million Acres for Oil & Gas Lease Sale

Source: www.gulfoilandgas.com 11/5/2019, Location: North America

In keeping with the Trump Administration’s goal of promoting America’s energy independence and bolstering Alaska’s economy, the Bureau of Land Management will offer 350 tracts totaling about 3.98 million acres in an oil and gas lease sale on Dec. 11, 2019. The sealed bid opening will be conducted via video livestream.

The National Petroleum Reserve in Alaska (NPR-A) oil and gas lease sales are competitive. A detailed statement of sale, including a description of the tracts offered for lease.

Sealed bids must be received by 4 p.m. (AKST) on Dec. 9, at the BLM Alaska State Office. The BLM will open sealed bids submitted on the tracts offered at 10 a.m. (AKST) on Dec. 11, and will livestream the opening of the bids at blm.gov/live.

“This is one of several actions we are taking to further expand energy development in Alaska,” said BLM Alaska State Director Chad Padgett. “We are working on a new Integrated Activity Plan for the NPR-A. With advancements in drilling technology, it was prudent to develop a new plan that provides for greater economic development of our resources while still providing protections for important resources, such as subsistence uses.”

This will be the 15th oil and gas lease sale in the NPR-A since 1999. There are currently 215 leases covering more than 1.5 million acres in the NPR-A. Bids received for the 14 previous sales generated more than $283 million, half of which was paid to the State of Alaska.

The 350 tracts being offered were designated as available for development in the 2013 NPR-A Integrated Activity Plan/Environmental Impact Statement Record of Decision. The BLM sought public input and nominations on all available tracts within the NPR-A in June and July 2019. The BLM received comments and nominations on tracts available and unavailable for leasing.

A list of past NPR-A lease sales can be found on the Alaska Oil and Gas Lease Sales page, and the notice is published in the Federal Register.

The BLM manages more than 245 million acres of public land located primarily in 12 Western states, including Alaska. The BLM also administers 700 million acres of sub-surface mineral estate throughout the nation. In fiscal year 2018, the diverse activities authorized on BLM-managed lands generated $105 billion in economic output across the country. This economic activity supported 471,000 jobs and contributed substantial revenue to the U.S. Treasury and state governments, mostly through royalties on minerals.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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