The Bureau of Land Management's oil and gas lease auction on Wednesday
netted more than $22 million in revenues from the sale of 64 federal leases in
New Mexico, Oklahoma, Texas and Kansas, the BLM said in a news release.
The quarterly sale, an oral auction, was held at BLM's New Mexico state office in Santa Fe.
BLM oil and gas leases are awarded for a period of 10 years and for as long as there is production in paying quantities, according to the release.
Revenue from the sale of federal leases, as well as the 12.5 percent royalties collected from production on those leased lands, is shared by federal and state governments, with 52 percent going to the federal government and 48 percent going to states where leasing occurs.
New Mexico will receive $10.4 million from Wednesday's sale, while Oklahoma will receive $91,392 and Texas $61,116.
All told, New Mexico has received more than $4 billion from energy production on BLM-managed federal leases, all of which has been allocated directly to public education, according to the BLM release.
The next BLM federal oil and gas lease sale will take place on Oct. 16 at BLM's New Mexico State Office, 301 Dinosaur Trail, Santa Fe.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
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