Instead of requiring new leaseholders to pay royalties once production starts, the state is offering a net profit-sharing arrangement aimed at reducing companies’ economic risks.
And instead of expecting bidders to compete for exploration rights, the division is setting a fixed price of $40 an acre for the 3.3 million acres that are being offered in the sale.gives the commissioner of the Department of Natural Resources the authority to vary those terms if doing so is deemed in the state’s best interest. The commissioner also has the authority to set up profit-sharing arrangements for oil and gas leases.
“It’s just always been a struggle, even back in the heyday,” he said. The industry built a lot of platforms in the 1960s, “and then there wasn’t a whole lot of activity after that.”
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