• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 5 hours U.S. Presidential Elections Status - Electoral Votes
  • 9 hours Tesla Semi
  • 9 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 1 day Mail IN Ballot Fraud
  • 11 hours “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 2 days WTI / ​​​​​​​Price Forecasting 
  • 2 days Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 2 days Russia loses its chance to capture the EU gas market
  • 2 days Deceptions Revealed about the “Nord Stream 2 Pipeline” and Germany
  • 2 days “Did Authorities Do Enough To Find Out Why Oil Prices Went Negative?” By Irina Slav – Nov 26th
A Worrying Bottleneck For Offshore Wind Energy

A Worrying Bottleneck For Offshore Wind Energy

While offshore wind is becoming…

Saudi Arabia Schedules Informal Meeting With OPEC+

Saudi Arabia Schedules Informal Meeting With OPEC+

Saudi Arabia and Russia have…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

New Mexico Oil Auction Rakes In $3 Million

It wasn’t perhaps what it could have been without the pandemic, but the New Mexico oil auction that the Bureau of Land Management held today managed to bring in $3 million.

That’s not too shabby considering the run on oil and gas bankruptcies in the U.S. shale patch.

The average price per acre that the BLM received from the auction this go around was $403 - a far cry from the $4500+ per acre that it has taken in on average during President Trump’s time in office, according to Reuters.

Part of the lack of interest, on top of oil and gas companies being particularly strapped for cash, could be the timing of the presidential election.

President Donald Trump’s Democrat rival, Joe Biden, has promised to ban all fracking on public lands - so at least some oil and gas companies are probably unwilling to spend a lot of money on a lease that they might not be able to develop.

Related: U.S. Oil Production Won’t Reach 13 Million Bpd Any Time Soon

But that didn’t stop everyone.

The top per-acre fee for this auction was $11,353. The low, in contrast, went for an average of $15 per acre.

In August, the BLM held other land auctions for the oil and gas industry after canceling several in the midst of the pandemic.

The BLM also plans to hold land auctions in California in what will be the first such auction in seven years.

It’s hard to estimate just how much money the BLM could have raked in from this week’s auction during better times. It is, however, clear that the BLM could have received much more if oil and gas companies didn’t have depressed oil demand to look forward to, or limited finances to death with.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News