Reno — The Bureau of Land Management (BLM) is holding a competitive oil and gas lease sale on Tuesday at the Silver Legacy Resort Casino, Grand Exposition Hall, 407 N. Virginia St., Reno. Registration and assignment of bidding numbers begins at 8 a.m. and the sale begins at 9 a.m.
The oil and gas sale includes 39 parcels totaling 50,415.76 acres in Elko and Eureka Counties. The previous Elko District sale was held on March 10, 2015. That sale generated $63,181, selling 16 parcels covering 19,631.22 acres through competitive and non-competitive sales.
The BLM Nevada offers quarterly oil and gas sales. Parcels included are nominated by industry representatives well in advance of a sale. The BLM reviews each parcel location for any resource conflicts, which can result in stipulations placed on the parcel, deferral or partial deferral of a parcel.
A complete summary of the parcels to be offered, GIS shapefiles and other documents related to the oil and gas sales are available online at http://on.doi.gov/1oXmCgT.
The oil and gas lease is for a period of 10 years with annual rentals of $1.50 per acre for the first five years and $2 per acre after that until production begins. Once a lease is producing, a royalty of 12.5 percent is charged. Half of the bid and rental receipts go to the state of Nevada.