Texas oil and gas leases jump despite oil price slump

By The Associated Press

 

AUSTIN, Texas (AP) — The demand to lease Texas' publicly held land for oil and gas exploration jumped three-fold in the past six months — even as oil prices have remained low.

Land Commissioner George P. Bush announced Tuesday that his office had auctioned leases for 13,000-plus acres of state land. That generated about $98 million for the Permanent School Fund, which helps cover public education costs.

During the previous auction in January, only around 4,400 acres were leased — down from about 11,800 acres in August 2015 and about 10,000 acres last January.

The average price per acre increased to $7,365, compared to around $2,500 per acre in January and about $1,700 in August 2015.

Bush said the results show Texas' economy "can still thrive, even in a soft oil and gas market."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs