SHARE
Image courtesy of the New Mexico Oil and Gas Association

The Bureau of Land Management’s latest oil and gas lease sale netted more than $31 million for 76 parcels in New Mexico, Oklahoma, Texas, and Kansas.

New Mexico had the most leases sold Thursday, with 22 parcels covering about 7,000 acres.

The revenue from the sale of the federal leases is shared between the federal government and the states.

New Mexico’s share of the latest lease round is $13.8 million.

“Federal officials say that over the past 10 years, New Mexico has received $4.3 billion from energy production on BLM-managed leases. All of that has gone directly to public education,” the AP said.

Oil and gas leases on federal lands are awarded for 10 years and for as long thereafter as there is production in paying quantities.