Federal Lands and Waters Leasing Transparency Act
A BILL
To amend the Outer Continental Shelf Lands Act and the Mineral Leasing Act to require reports on rejected bids, to clarify timelines for the issuance of leases, and for other purposes.
Sec. 2 Report on the determination of the fair market value of offshore oil and gas lease bids
“(j) Report on the determination of the fair market value of offshore oil and gas lease bids
“(1) Requirement—If the Secretary determines pursuant to subsection (a)(4) that the Federal Government will not receive the fair market value from a bid for a covered lease tract, the Secretary shall provide to the bidder a report that explains the basis for such determination. If the bid was a qualified bid that was subject to a resource and economic evaluation, the report shall include information on how such qualified bid relates to the Mean Range of Values, Delay-adjusted Mean Range of Values, Adjusted Delayed Value, and Revised Arithmetic Average Measure for the covered lease tract.
“(2) Covered lease tract—In this subsection, The term covered lease tract means a lease tract for which the Secretary—
“(A) held a lease sale;
“(B) received at least one bid; and
“(C) did not issue a lease to the highest responsible qualified bidder.”