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RCED-83-9 1 (1983-03-24)

handle is hein.gao/gaobabdyi0001 and id is 1 raw text is: RESTRICTED- Not to be released outside the Generil Accounting Office except on the b oL 8 a p.4vaI -by--th Office of Conpr!!!i.nW &Opfj4t REPORT BY THE U S., RELEASED General Accounting Office Offshore Lease Sale 59 Affected By Differing Views On Oil And Gas Potential The Department of the Interior's higher than normal rejection rate of bids for offshore lease sale tracts in mid-Atlantic Sale 59 could have been caused by many factors. The most likely explanation is that Interior viewed the quantity of potential oil and gas resources located in the sale area more optimistically than industry did. These dif- fering views also led to a wide disparity between Interior's budgetary revenue esti- mate for the sale and what industry offered for the sale tracts. Other factors considered by Interior and industry in determining tract values, such as exploration and develop- ment costs, may have contributed to the tract value differences, but not significantly. The Interior Department recently announc- ed a new bid acceptance approach which will rely more on competition and market- place values to determine the acceptability of high bids, rather than its own independ- entlydeveloped minimum tract values. Inte- rior will independently evaluate and value only selected tracts under this new ap- proach. Had this system, planned for imple- mentation in April 1983, been used in Sale 59, it is likely that a number of rejected bids would have been accepted and more tracts leased. C, -3 a IC~oN ; U 120927 GAO/RCED-83-9 MARCH 24, 1983 ,5-;71 96- 9,

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