MMS Publishes Final Regulations for Bonus Bids

Friday, September 24, 1999
The Department of the Interior's Minerals Management Service (MMS) published a final rule regarding the use of electronic funds transfer (EFT) by oil and natural gas companies bidding on Outer Continental Shelf federal leases. The final rule provides additional administrative flexibility to allow the agency to require EFT payment methods when appropriate. The rule will save time and money for the oil and natural gas industry and the Federal government. Previously, MMS did not have the authority to require bidders to use EFT to submit their one-fifths bonus bid payments. Since August 1997, companies have had the option of using EFT to submit their bonus bid payments. The most recent lease sales in the Gulf of Mexico in August 1998 and March 1999 saw at least 90 percent of high bonus bids submitted electronically. The use of EFT will remain optional in the upcoming Western Gulf of Mexico Sale 174, scheduled for August 25, 1999. Since 1984, all lessees have been required to use EFT to pay the remaining four-fifths balance of their bonus payment and their first year rental payment after acquiring a lease.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

Aker Philadelphia Shipyard ASA : Purchase of own shares

Aker Philadelphia Shipyard ASA (the "Company") (Oslo: AKPS) has on 21 July 2014 purchased 2,155 shares in the Company on Oslo Axess at an average price of NOK 160.

Offshore

Ocean Mineral Singapore Set for Seabed Exploration

Ocean Mineral Singapore Pte. Ltd. (OMS) has received approval from the International Seabed Authority (ISA) on its application for its first seabed exploration licence.

DNV GL Publishes Regulatory Roadmap for Floaters in the US

DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters.

Second Typhoon Threatens Taiwan

The Taiwan military was collecting and distributing sandbags to guard against possible flooding on Tuesday as a typhoon bore down on the island after brushing the Philippines.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1042 sec (10 req/sec)