Gulf of Mexico tracts draw renewed interest with twelve leases awarded
Texas Insider Report: AUSTIN Texas Oil & gas exploration on state lands managed by Comm. Jerry Patterson and the General Land Office earned Texas schools more than $9.2 million based upon the quarterly Permanent School Fund (PSF) lease sale. The Permanent School Fund will also earn 20 to 25 royalties on any oil or gas produced on the leases.
Private oil companies competitively bid more than $11.5 million to explore for oil and gas on land owned by the state. Often referred to as the Childrens textbook fund Permanent School Fund tracts of land which includes submerged land in the Gulf of Mexico brought in $9.2 million. The biggest bidder was KEW Drilling with $3.7 million worth of bids.
Other state agencies lands drew the following sums:
- $2096350.61 for the Texas Department of Criminal Justice lands
- $130 911.70 for the Department of State Health Services lands
- $65687.85 from Texas Parks & Wildlife lands; and
- $8124.90 for Texas School for the Blind and Visually Impaired land
A total of twelve leases were awarded in the Gulf of Mexico showing renewed interest in an area that has seen diminishing activity since the Macondo well blowout three years ago.
In the quarterly lease sales held by the General Land Office oil and gas firms submit sealed bids for the right to drill for hydrocarbons on Permanent School Fund lands.
For a detailed look at todays record Permanent School Fund oil and gas lease sale visit http://www.glo.texas.gov/what-we-do/energy-and-minerals/oil_gas/sealed-bid-sales/past/index.html
