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Bakken Shale Big Winner in First Biden Oil, Gas Lease Sales

June 30, 2022, 5:46 PM

Bakken shale producers in North Dakota were the most eager to spend big in the Biden administration’s first oil and gas lease sales on Thursday.

Producers paid up to $2.3 million for each of 15 parcels sold in Thursday’s lease sale for North Dakota. The highest bids for drilling rights there were for a 155-acre parcel sold for $12,301 per acre, and a 68-acre parcel sold for $34,003 per acre, or about $2.3 million.

In all, drilling rights to more than 128,500 acres of federal lands in seven states were auctioned by the Interior Department’s Bureau of Land Management on ...