State sets dates for fall areawide sales

Petroleum News

The Alaska Division of Oil and Gas said Sept. 15 that bidding in its fall areawide lease sales - Beaufort Sea, North Slope and North Slope Foothills - will begin Oct. 15 and close Oct. 28 with bidding results available to the public online Nov. 3.

As in recent sales bidding will be through EnergyNet Services LLC, with bidder registration and bid submission at www.energynet.com.

For both the Beaufort Sea and North Slope areawide sales the minimum bid is $25 per acre, the royalty rate 16.67%, the primary lease term 10 years and the annual rental rate $10 per acre. For the North Slope Foothills, the minimum bid is $5 per acre, the royalty rate is 12.5%, the primary lease term is 10 years and rental rates are $1 per acre in year 1, $1.50 per acre in year 2, $2 per acre in year 3, $2.50 per acre in year 4, and $3 per acre for years 5-10.

Detailed sale information and tract maps are available on the division’s website at https://dog.dnr.alaska.gov/Services/BIFAndLeaseSale.

- Petroleum News