WASHINGTON — The Bureau of Land Management recently held two quarterly oil and gas lease sales in Wyoming and Colorado, to the tune of $87,280,361 in total revenue. In Wyoming, BLM leased 99 parcels totaling 114,389 acres for $82,404,165 in total receipts. In Colorado, BLM leased 29 parcels totaling 14,212 acres for $4,876,196 in total receipts. Combined lease bonus bids and rentals are distributed between the federal government and state where parcels are located.

These lease sales were conducted under the Working Families Tax Cuts Act, which resets the royalty rate for new federal onshore oil and gas production to a minimum of 12.5%, reversing the 16.67% rate set by the Inflation Reduction Act. By lowering the federal onshore royalty rate from 16.67% to 12.5%, the Working Families Tax Cuts Act, also known as the One Big Beautiful Bill Act, reduces the cost of doing business on public lands, with the goal of making oil and gas development more economically attractive to industry. This is expected to spur additional leasing and drilling activity. 

Leasing is the first step in the process to develop federal oil and gas resources. The BLM ensures oil and gas development meets the requirements set forth by the National Environmental Policy Act of 1969 and other applicable legal authorities.

Oil and gas leases are awarded for a term of 10 years and as long thereafter as there is production of oil and gas in paying quantities. Information on current and upcoming BLM leases is available through the National Fluid Lease Sale System.