BLM Lease Sale in Wyoming Nets $8.3 Million in Bids

CHEYENNE, Wyo. (AP) — An oil and gas lease sale on federal land in Wyoming resulted in bids totaling $8.3 million on 175 parcels.

The Bureau of Land Management says about 264,000 acres were involved in the sale this week.

Leasing is the first step in the process to develop federal oil and gas resources, and it does not authorize drilling. Before authorizing development on a lease, the BLM must approve a separate drilling permit based on further analysis of detailed site-specific plans and conditions.

Wyoming is one of the nation's top energy producers on public lands. In 2018, BLM lease sales resulted in nearly $117 million in bids. About half of the revenue from the lease sales is shared with the state.