BLM releases 2002 NPR-A sale details

Petroleum News Alaska Staff

The Bureau of Land Management has released details for its June 3, 2002, National Petroleum Reserve-Alaska lease sale.

Approximately 3 million acres in the northeast corner of NPR-A are being offered, including 298 tracts which did not receive bids in the May 1999 sale and one new tract.

All leases will have a primary term of 10 years.

Area A, the high potential area, is offered in one-quarter township tracts, approximately 5,760 acres, with a minimum bid of $25 an acre or fraction thereof, a fixed royalty rate of 16.67 percent and a rental rate of $5 an acre or fraction thereof.

Area B, the low potential area, is offered in one-half township tracts, approximately 11,520 acres, with a minimum bid of $5 an acre, a fixed royalty rate of 12.5 percent and a rental rate of $3 per acre.

The bid submission deadline is 3:45 p.m., May 31.

Bids will be opened and read June 3 at 9 a.m. at the Wilda Marston Theater in the Z.J. Loussac Public Library in Anchorage.