American Oil and Gas Reporter - July 2023 - 60

ConventionSec tion: Petroleum Association of Wyoming
half of 2023, with a third planned for
December, he says.
Deferred lands cannot be bid on, despite
being initially identified as available for a
lease sale, Obermueller continues. In the
2022 lease sale, almost 75% of acreage
was deferred without extensive explanation.
Altogether, only about 50% of acreage
initially proposed for lease sales has been
available for bids, he indicates.
Normally, companies submit expressions
of interest on a parcel, Obermueller
explains, after which field offices use established
criteria to determine whether
parcels are available for lease. Field offices
then report to BLM headquarters in Washington
to make the decision, but the administration
has given no compelling explanation
for a surge of deferrals, he says.
" From our standpoint, there is no
discernible reason, " Obermueller comments.
" Deferred does not mean they
are unavailable; they are just in the
limbo of being available but deferred.
We are seeking a process to move them
back from that limbo and into the hopper
for actual bidding. "
The impact of such delays is particularly
noticeable in Wyoming, where the
BLM manages approximately 18.4 million
acres of public lands and 42.9 million
acres of federal mineral estate for multiple
uses, he observes.
Unlike North Dakota, where Williston
Basin activity is mostly in its development
stage after years of delineation through
exploratory drilling, Wyoming still has
plenty of Powder River Basin acreage
that remains ripe for exploration, Obermueller
says. " A lot of Wyoming is very
exploratory, and the Inflation Reduction
Act and other issues reduce the number
of available leases and choke off the
ability to explore at outset, " he considers.
Federal Frustrations
The impact of the proposed land rule
and other delays may not be immediate,
but they will hobble companies down
the road, Obermueller predicts. " The
problem is looking long-term and the
BLM effectively saying you can have
what is already yours, but you cannot explore
for more, " he warns.
Wyoming operators already face higher
royalties under the Inflation Reduction
Act, and now they must pay a $5 fee for
each acre upon which they want to bid,
even though they cannot know ahead of
time if the parcels will be available for
bidding, Obermueller laments. " It's an
investment of money with no regulatory
certainty, " he characterizes.
According to BLM, the Inflation Reduction
Act raised royalties from 12.50%
to 16.67%. Rental rates increased from
the former $1.50-$2.00 an acre to $3 an
acre in the first two years, $5 for lease
years three-eight, and $15 thereafter. The
IRA also hiked minimum bids to $10 an
acre, instead of $2.
The IRA also eliminated noncompetitive
leases, which the BLM stopped accepting
last August, Obermueller notes. Previously,
operators could submit bids for tracts that
received no tenders during the actual sale
and could offer bids by submitting the required
minimum, he explains.
Noncompetitive leases carry an inherent
entrepreneurial component, Obermueller
explains. Although some listed parcels
60 THE AMERICAN OIL & GAS REPORTER
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American Oil and Gas Reporter - July 2023

Table of Contents for the Digital Edition of American Oil and Gas Reporter - July 2023

Contents
American Oil and Gas Reporter - July 2023 - Intro
American Oil and Gas Reporter - July 2023 - Cover1
American Oil and Gas Reporter - July 2023 - Cover2
American Oil and Gas Reporter - July 2023 - Contents
American Oil and Gas Reporter - July 2023 - 4
American Oil and Gas Reporter - July 2023 - 5
American Oil and Gas Reporter - July 2023 - 6
American Oil and Gas Reporter - July 2023 - 7
American Oil and Gas Reporter - July 2023 - 8
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American Oil and Gas Reporter - July 2023 - 29
American Oil and Gas Reporter - July 2023 - 30
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American Oil and Gas Reporter - July 2023 - 33
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American Oil and Gas Reporter - July 2023 - Cover3
American Oil and Gas Reporter - July 2023 - Cover4
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