American Petroleum Institute filed 1 comment on this docket between Mar 8, 2023 and Mar 8, 2023. 1 other organizations filed here. The comment window closed 1240d ago.
The American Petroleum Institute appreciates the opportunity to provide comments on the Bureau of Ocean Energy Management's proposed modifications to the bid adequacy procedures for offshore oil and natural gas lease sales.
The Bureau of Ocean Energy Management (BOEM) announces and invites comments on its intention to change its bid adequacy procedures (BAPs), which ensure the United States receives fair market value (FMV) from Outer Continental Shelf (OCS) oil and gas lease sales. BOEM proposes to discontinue the use of both tract classification and delayed valuation methodology. Instead, BOEM proposes to use a statistical lower bound confidence interval (LBCI), at the 90 percent confidence level, as a measure of bid adequacy. BOEM is also proposing other, minor adjustments to its BAPs to clarify and streamline its processes.
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