CFR > Title 43 - Public Lands: Interior > SUBTITLE B—Regulations Relating to Public Lands > CHAPTER II—BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR (parts 1000 to 9260) > SUBCHAPTER C—MINERALS MANAGEMENT (3000) (parts 3000 to 3871) > PART 3120—COMPETITIVE LEASES > SUBPART 3120—Competitive Leases (§3120.1 to §3120.7-3) > 3120.1-2—Requirements.

3120.1-2—Requirements.

(a) Each proper BLM Sate office shall hold sales at least quarterly if lands are available for competitive leasing.
(b) Lease sales shall be conducted by a competitive oral bidding process.
(c) The national minimum acceptable bid shall be $2 per acre or fraction thereof payable on the gross acreage, and shall not be prorated for any lands in which the United States owns a fractional interest.