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BLM Generates Nearly $14.8 Million From Utah Oil, Gas Lease Sale

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The US Department of the Interior's Bureau of Land Management generated nearly $14.8 million in total receipts from Utah's quarterly oil and gas lease sale, it said on Thursday.

Revenue from leasing 39 parcels, totaling 54,114 acres, will be distributed between the federal government and the state, according to the statement.

The agency said the lease sale was conducted under the One Big Beautiful Bill Act, which legislated a reduction in the onshore royalty rate to 12.5% from 16.67%, to encourage more drilling activities.

"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," BLM said.

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