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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Scottish Sea Farms Orders Newbuilds

Macduff Shipyards Ltd. has received a contract worth more than £3.3 million pounds from Scottish Sea Farms for the design and build of four 19.8-meter 150T steel

LNG Transport Barge Design Approved by ABS

Conrad Shipyard, L.L.C. engaged Bristol Harbor Group, Inc. (BHGI) to develop a 3,000 cubic meter Liquefied Natural Gas (LNG) transport barge utilizing a Bristol

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

Offshore

Bureau Veritas to Class, Certify FPSOs for Saipem

Bureau Veritas has been awarded a contract by Saipem to provide classification and certification services for the two Kaombo FPSOs for service off Angola. The

Kvaerner in Statoil Unmanned Platform Project

Kvaerner say that Statoil has awarded it a concept study related to a standardised, unmanned dry tree wellhead platform for the Oseberg Future Development project.

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1111 sec (9 req/sec)