BAKERSFIELD, Calif. (KERO) — On Thursday, the Bureau of Land Management completed its oil and gas lease sale in California.
For this sale, the BLM offered seven parcels totaling approximately 4,133 acres of Federal minerals. All parcels are in or adjacent to existing Midway-Sunset, and Kern Front Oilfields in Kern County.
The highest per-acre price was $27, sold to Standard Oil Company, LLC.
The BLM estimates the oil and gas industry generates approximately 3,500 jobs and $200 million in economic benefit annually within the Bakersfield Field Office planning area. BLM California generates between $65 million to $90 million per year of oil and gas royalties. Nearly 50% of royalties and revenue from this sale will go to the state of California where it supports state budgets, public education, infrastructure improvements and other state-determined priorities. The remaining 50% is paid to the U.S. Treasury.
