Breckenridge Destinations supports independent journalism. Click for great deals on vacation lodging in Breckenridge.
State earned about $158 million from leases and royalties in 2012
Part of the 4.2 million acres of public lands under lease for fossil fuel development in Colorado shows a patchwork of roads and drill pads in this aerial view from a commercial airline flight between San Francisco and Denver. Bob Berwyn photo.
By Summit Voice
SUMMIT COUNTY — Even without auctioning off contested parcels near national park lands and in the North Fork Valley, the Bureau of Land Management’s Feb. 14 oil and gas leasing sale netted $2.1 million for 68,897 acres, including rentals and fees. The highest per-acre price was for a 80-acre parcel in Bent County was sold to Martin Oil and Gas, in Uniontown PA for $300 per acre.
Colorado’s share is 49 percent, with rest of the revenue going to the federal government. Royalties, rentals and bonus bid sales yielded more that $158 million for Colorado in 2012. According to the BLM, there are about 4.2 million acres of public mineral estate leased for oil and natural gas development, generating more than $6.5 billion in direct economic benefits in 2011, and approximately $9.5 billion in total economic impacts.
A lease is the first step for a company or individual before eventually applying to develop and produce oil and gas from the BLM-managed public mineral estate. Additional planning, site-specific environmental analysis and public input occurs before drilling begins.
Filed under: BLM, Colorado, energy, Environment, gas drilling, oil drilling, public lands Tagged: | BLM, BLM lease sale, Colorado, energy, Environment, oil and gas leasing
Arapahoe Basin supports independent journalism. Click to visit The Legend online.
Powder's falling at Monarch!! Have you reserved your spot yet?
Innovative energy underwrites coverage of energy stories.
