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In a January 2013 federal lease sale, the top bid was $19,500 per acre for a lease on one tract in North Dakota. Of the lease sale and royalties from the federal tracts, the federal government keeps 52 percent, and passes 48 percent on to the state of North Dakota. [16]
As with petroleum, an initial bonus must be paid to the government at the time the lease is awarded. Annual rental fees for coal are $3 per acre. Royalties are 12.5% of the gross value for surface mined coal and 8% for coal produced from underground mines. [8]
The BLM holds quarterly oil and gas lease sales. [36] According to a June 18, 2018 article in The Atlantic , under the tenure of then- United States Secretary of the Interior , Ryan Zinke "practically gave away hundreds of thousands of acres of open land across the West, leasing it to energy companies for pennies on the dollar."
Environmentalists are fuming after the Department of the Interior auctioned leases to drill for oil in an 80-million-acre section of the Gulf of Mexico on Wednesday morning.
The five-year lease agreement began on Feb. 28 and expires on Feb. 28, 2029, and is specific to 182 acres of property along Wills Creek Valley Drive, often referred to as the main campus.
If the term of the oil or gas lease extends beyond the primary term, and a well was not drilled, then the Lessee is required to pay the lessor a delay rental. This delay rental could be $1 or more per acre. In some cases, no drilling occurs and the lease simply expires. The duration of the lease may be extended when drilling or production starts.
For the eighth straight week, the nation’s average gas price continues to climb — jumping 15.7 cents in a single week to $5.01 per gallon, according to GasBuddy data. More From GOBankingRates ...
Leasing agents aggressively sought out acreages to lease mineral rights in Pennsylvania. [21] The price for leasing rose from $300 per acre in February to $2,100 in April, 2008. [22] Only four Marcellus wells were drilled in Pennsylvania in 2005, but by 2010 1,446 Marcellus wells were drilled in Pennsylvania. [21]