Allocation of development rights for hydrocarbons on the outer continental shelf
Book
·
OSTI ID:5492851
Explored in this paper are the current bidding procedures for allocating hydrocarbon development rights for the Outer Continental Shelf and their adequacy in promoting rapid and efficient development of probable reserves. The ability of the recently adopted cash-bonus sliding scale bidding procedure to enhance competition among producers in leasing OCS tracts, and the manner of compensation it requires are discussed. The paper suggests that the cash-bonus fixed royalty and sliding scale bidding systems require too large a share of the uncertainty associated with tract development to be borne by prospective producers and, hence, result in insufficient exploration and reduced competition.
- OSTI ID:
- 5492851
- Country of Publication:
- United States
- Language:
- English
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