It will cost at least $25 per acre to buy oil drilling rights in the Arctic National Wildlife Refuge’s coastal plain during a planned Jan. 6 lease sale, Jennifer A. Dlouhy reports.
Successful bidders for the 10-year leases will also face a $10-per-acre rental rate and a fixed royalty rate of 16.67% on any oil and gas produced from the tracts, according to sale details posted yesterday by the Bureau of Land Management. Tracts range in size from 23,446 to 59,410 acres, making lowest minimum bid for smallest lease $586,150.
Democratic leaders of the House Natural Resources Committee, including ...
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