BLM oil and gas lease sale nets more than $31M

February 28, 2014 • State News

SANTA FE, N.M. (AP) — The Bureau of Land Management’s latest oil and gas lease sale has netted more than $31 million.

The federal agency says the proceeds come from Thursday’s sale of 76 leases [auth] in New Mexico, Oklahoma, Texas and Kansas.

New Mexico had the most leases sold at 22. The leases cover nearly 7,000 acres.

The state will receive more than $13.8 million from the sale.

Federal officials say that over the past 10 years, New Mexico has received $4.3 billion from energy production on BLM-managed leases. All of that has gone directly to public education.

The leases are awarded for 10 years and for as long thereafter as there is production in paying quantities. The revenue from the sale of the leases is shared between the federal government and the states.

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