• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 52 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 hour Hopes Are Dashed For International Oil Companies In North Iraq
  • 4 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 days Changing Gazprom ADRs to Russian shares
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
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

U.S. Oil And Gas Lease Sales Resume Despite Weak Interest

Despite the wave of U.S. oil and gas industry bankruptcies and layoffs as a result of the pandemic, the United States government has decided to resume its oil and gas lease sales that it had canceled earlier in the year, according to Reuters.

The lease sale, which began on Wednesday, was for land in New Mexico and Oklahoma, but enthusiasm for spending money on additional assets at a time of uncertainty with regards to oil demand was subdued.

Still, multiple blocks out of the 2,800 acres of land were awarded, but at lower-than-usual prices.

On Thursday, the Bureau of Land Management will hold an oil and gas lease sale in another part of New Mexico and in Texas, putting up for sale 94 parcels totaling 45,400 acres, in and around the Permian Basin.

Originally, this swath was set to go up for auction in May, but the BLM postponed the auction at the last minute without notice and without explanation.

The BLM did not hold any of the other scheduled auctions in the weeks and months that followed, either, even though some had already been scheduled.

Most recently, the BLM canceled an oil and gas lease auction for 85,000 acres around Moab, Utah, just a couple of weeks ago after significant pressure from the climbing community. The auction was supposed to take place in September.

Moab is an avid climbing community, and there are countless spots for novice and experienced climbers to thrill seek.

The Trump Administration on Wednesday also announced that it intends to hold oil and gas lease auctions in California by the end of 2020 in what would be the first such auction in seven years, according to Reuters. The BLM published its environmental review for seven parcels totaling 4,300 acres that it plans to offer.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News