The Bureau of Land Management (BLM) generated $1.1 billion from oil and gas lease sales in calendar year 2018, nearly tripling what had been the agency’s previous record high of $408 billion in 2008. Bonus bids from the 28 oil and gas lease sales totaled $1,151,109,064 based on preliminary figures. A bonus bid is a one-time payment in exchange for exclusive access to explore for hydrocarbons on a parcel and grants an exclusive lease for a set period of time. A total of 1,412 parcels, covering almost 1.5 million acres, were leased. The lease sales generated nearly as much revenue as the BLM’s $1.1 billion budget for 2018.
via CanadaFreePress.Com
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