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

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

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

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013