BLM brings in $20M in oil, gas lease sale

Posted at: 04/18/2013 9:03 AM | Updated at: 04/18/2013 9:05 AM
By: The Associated Press

SANTA FE, N.M. (AP) - The Bureau of Land Management has netted more than $20 million in revenues from its quarterly oil and natural gas lease sale.

More than 50 parcels in New Mexico, Oklahoma, Texas and Kansas were leased as part of Wednesday's sale.

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

BLM officials say that over the last decade, New Mexico has received more than $4 billion from energy production on BLM-managed federal leases.

The next oil and gas lease sale is scheduled for July at the BLM office in Santa Fe.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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