− | The procedures for the leasing of federal offshore lands are the responsibility of the Mineral Management Service, Department of the Interior (see <ref name=pt01r7>Mineral Management Service, 1984, Oil and Gas Leasing Procedures Guidelines, Gulf of Mexico Region: MMS, Department of the Interior, 188 p.</ref>. These procedures are generally the same for each of the MMS designated regional areas, including the Gulf of Mexico, Alaska, Pacific, and Atlantic regions. | + | The procedures for the leasing of federal offshore lands are the responsibility of the Mineral Management Service, Department of the Interior.<ref name=pt01r7>Mineral Management Service, 1984, Oil and Gas Leasing Procedures Guidelines, Gulf of Mexico Region: MMS, Department of the Interior, 188 p.</ref> These procedures are generally the same for each of the MMS designated regional areas, including the Gulf of Mexico, Alaska, Pacific, and Atlantic regions. |
− | Federal OCS leases are generally granted on the basis of sealed competitive bonus bids calling for at least 1/6 royalties, [[cost::3.00 USD]] per acre rentals, and a 5-year term (10 years for deep water tracts). Sales are offered periodically in accordance with the Secretary of Interior's ''Tentative Milestones for 5-Year Offshore Leasing Schedule'', which are revised from time to time. It takes about three years from the time the MMS makes a “call for information” (that is, it seeks information on the desirability of a sale for a given area) until an actual lease sale occurs<ref name=pt01r4>Gossett, R. A., 1984, Offshore leasing: American Association of Petroleum Landmen Comprehensive Land Practices, Chap. XII, p. 35–40.</ref>. | + | Federal OCS leases are generally granted on the basis of sealed competitive bonus bids calling for at least 1/6 royalties, [[cost::3.00 USD]] per acre rentals, and a 5-year term (10 years for deep water tracts). Sales are offered periodically in accordance with the Secretary of Interior's ''Tentative Milestones for 5-Year Offshore Leasing Schedule'', which are revised from time to time. It takes about three years from the time the MMS makes a “call for information” (that is, it seeks information on the desirability of a sale for a given area) until an actual lease sale occurs.<ref name=pt01r4>Gossett, R. A., 1984, Offshore leasing: American Association of Petroleum Landmen Comprehensive Land Practices, Chap. XII, p. 35–40.</ref> |