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US Oil, Gas Lease Sales Generate Over $4 Billion in Revenue in Q2

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The US Bureau of Land Management generated over $4.1 billion in revenue from Q2 oil and gas lease sales, bringing H1 proceeds to $4.7 billion, according to a statement on Thursday.

From April through June, 389 parcels totaling 355,456 acres were sold, BLM said.

Of the total Q2 receipts, $4 billion was generated by a record oil and gas lease sale in May, with proceeds primarily from New Mexico and Texas. A total of 74 parcels spanning 33,530 acres were sold during this season.

In June, a lease sale in Alaska's Coastal Plain of the Arctic National Wildlife Refuge generated $4.5 million in revenue, marking the second successful sale in the area, according to BLM.

"The combined bonus bids and rentals from the leases will be distributed between the federal government and the states where the parcels are located," BLM said.

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