U.S. Department Of Energy To Sell Teapot Dome Field
In a move that followed months of speculation and preparation, the Secretary of Energy reported to Congress the Department's intent to sell it's Naval Petroleum Reserve Number 3 (NPR3) field through a public competitive bid process on the open market.
NPR3, run by RMOTC, is the last U.S. Government-owned operating oil field and is more commonly known as the Teapot Dome. After the U.S. Government determined in November 2011 that it was no longer in the national interest for the Department of Energy to continue to own the property, the Department completed a thorough study of whether to sell or lease the field. The study concluded that selling the property would be the preferred option. The Department developed a report to Congress titled, "Naval Petroleum Reserve No.3 Disposition Decision Analysis and Timeline", dated June 2013, that explains the Department's recommendation to sell, including the planned sales process. The Department of Energy will spend the next year preparing for the sale and maximizing the value of the property and then transfer the title to the new owner by the end of calendar year 2014.
RMOTC will be selling equipment and materials in several phases as part of the sale of NPR3. For more information about the items for sale visit the RMOTC website:
For more information about the disposition of RMOTC and sale of NPR3 please visit their website.