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Did Biden open new oil leases?

The onshore leases, which were the first issued since Biden took office, opened more than 120,000 acres across the West to new oil and gas development.

What is delay rental in oil and gas?

Within the lease, a Delay Rental is a yearly payment made to the lessor by the lessee during the primary term of the lease to compensate for drilling that is going to be delayed.

How long are oil leases on federal land?

The BLM issues both competitive and noncompetitive leases for a 10-year period. BLM State Offices conduct lease sales quarterly when parcels are available for lease.

How long are federal oil leases?

The primary term of a federal oil and gas lease is 10 years. The term is extended as long as the lease has at least one well capable of production.

How do oil drilling leases work?

Oil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.

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