State received offers of more than $7 million in oil, gas exploration bids

ANCHORAGE, Alaska (KTUU) - The state said it was offered more than $7 million from oil and gas exploration companies in bids for oil and gas leases in the North Slope and Beaufort Sea area.

The leases would give companies the rights to explore for natural resources.

The Department of Natural Resources said the money comes from 115 bids, and it covers over 191,000 acres in the Arctic.

According to a release from DNR, the lease sales saw more acres sold, more tracts receiving bids and more bidders since the last sale, which was in fall 2019.

Of the tracts that got bids, many of them have been leased before and already have well or seismic data, the release said.