The Cost of OCS Bid Rejection

Paul R. Kobrin

The Energy Journal, 1986, vol. 7, issue 1, 83-98

Abstract: The U.S. Interior Department periodically offers Outer Continental Shelf (OCS) tracts for lease at seated bid auction. The bid variable typically is the bonus, a sum paid by the lessee at commencement of the lease. A tract is awarded only to the high bidder. However, the seller often deems even the high bid insufficient, rejecting it and withholding the tract for possible later auction.

Keywords: Oil exploration; Outer continental shelf; US; Bid rejection; Oil leases (search for similar items in EconPapers)
Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:7:y:1986:i:1:p:83-98

DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No1-6

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