The Bureau of Land Management (BLM), an agency within the US Department of the Interior, has approved the Moneta Divide oil and gas project in Wyoming.
The approval will enable Aethon Energy Management and Burlington Resources Oil and Gas Company to drill up to 4,250 oil and gas wells across a 327,645-acre area.
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Around 67% of the project area is located on the BLM managed public lands, while 23% is under private ownership. The remaining 10% is on state of Wyoming and state park land.
Under the project, the companies are expected to recover around 18.16 trillion cubic feet of natural gas and 254 million barrels of oil over the 65-year life of the project.
The project will generate $182m annually in federal royalties. It will also deliver $87.5m per year in severance taxes for Wyoming and $106m in County Ad Valorem taxes.
BLM Wyoming acting state director Duane Spencer said: “I appreciate all the hard work and attention put into this project.
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By GlobalData“This team effort improves the quality of BLM analysis and helps the agency make informed decisions on complex projects like Moneta Divide.”
The approval does not authorise the parties to undertake any ground activity at this time. As part of its Application for Permit to Drill process, BLM will review and approve each well individually.
In February, BLM issued the final environmental impact statement (EIS), which highlighted multiple alternatives to the project.
