BLM Wyoming planning 251K+ acres for oil, gas lease sale; starting prices up due to Inflation Reduction Act
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CASPER, Wyo. — The Bureau of Land Management Wyoming is proposing to offer 209 parcels totaling 251,086 acres for an upcoming oil and gas lease sale.
BLM Wyoming’s second quarter 2023 oil and gas lease sale will be conducted in accordance with measures required by the federal Inflation Reduction Act which became law in August. Provisions in the Inflation Reduction Act will apply to the upcoming and future BLM oil and gas lease sales.
In accordance with the new law, minimum bids for all oil and gas parcels will be $10 per acre, an increase from the $2 per acre minimum bid set in 1987, BLM Wyoming noted.
Royalty rates will be at 16.67%, up from the previous minimum of 12.5%. Rental rates have also seen increases from 1987 rate and will begin at $3 per care for the first two years, $5 per acre for years 3-8 of the rental and $15 per acre in years 9-10.
“Prior to the Inflation Reduction Act, rental rates were $1.50 per acre for the first five years and $2 per acre for each year thereafter, rates originally set in 1987,” BLM Wyoming said in the press release.
People wanting to learn more about the upcoming proposed oil and gas lease sales and offer comment can do so online at the BLM’s ePlanning website at: https://eplanning.blm.gov/eplanning-ui/project/2021772/510.
