14,000 acres sold by Texas

Oikl and gas operators have paid the US state of Texas more than $84 million for the right to drill state-owned parcels of land made available in a lease sale, many of which were in the red-hot Delaware sub-basin of the Permian, writes Noah Brenner.

20 January 2017 0:00 GMT Updated 20 January 2017 0:00 GMT

The Texas General Land Office (GLO) offered up a little more than 14,000 acres across the state at the semi-annual lease sale for an average price-per-acre of almost $5900.

The highest total bid was just over $14.9 million for a 495-acre parcel in Reeves County in the Delaware basin, which was lodged by Oklahoma-based leasing company Continental Land Resources.

The company beat out rival bids from Carrizo Oil & Gas, Energen and WPX Energy for the parcel.

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14,000 acres sold by Texas