01/18/2023 | Press release | Distributed by Public on 01/18/2023 10:45
The Bureau of Ocean Energy Management (BOEM) today released proposed revisions to its bid adequacy procedures that are in place to ensure receipt of fair market value from Outer Continental Shelf (OCS) oil and gas lease sales.
These proposed revisions are in response to the Government Accountability Office's recommendations in its October 2019 report titled "Offshore Oil and Gas: Opportunities Exist to Better Ensure a Fair Return on Federal Resources." The proposed revisions include the following:
The revised bid adequacy procedures, when finalized, will be implemented for use in oil and gas lease sales in the next National Outer Continental Shelf Oil and Gas Leasing Program.
The proposed revisions will be published in the Federal Register tomorrow, January 19, 2023, for a 45-day public comment period ending at 11:59 pm ET on March 5, 2023. To comment on the proposed revisions, go to www.regulations.gov and search for docket number BOEM-2023-0008.
Additional information is available at https://www.boem.gov/oil-gas-energy/energy-economics/lease-sales-and-fair-market-value.
-- BOEM --
The Department of the Interior's Bureau of Ocean Energy Management (BOEM) is responsible for America's offshore energy and mineral resources. The bureau promotes energy independence, environmental protection and economic development through responsible, science-based management of energy and mineral resources on the U.S. Outer Continental Shelf.