Monday 16 February 2015

US sells off its Teapot Dome oilfield

US sells off its Teapot Dome oilfield

The US Department of Energy (DOE) has finalised the sale of its historic Teapot Dome Oilfield.

Bought by Stranded Oil Resources Corporation, the oilfield is located 35 miles north of Casper, Wyoming and consists of 9,481 acres of land.

It was set aside as a naval oil reserve in 1915 and it best known for a bribery scandal that took place around 90 years ago.

The scandal captured headlines because of a secret deal in which Secretary of the Interior, Albert Fall, leased the reserve to a private company in return for “gifts” worth $400,000 (£260,142), the DoE said.

The US Department of the Interior protects America’s natural resources, culture and heritage and supplies a proportion of energy to the country.

More than $45 million (£29.2m) obtained from the sale of the oilfield, officially known as the Naval Petroleum Reserve Number 3 (NPR-3) will go to the US Treasury.

Under the agreement of the sale, operation and ownership of all its mineral rights and land is to be immediately transferred to Stranded Oil Resources Corporation.

Written by

Bruna Pinhoni

Trending Articles