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The AAPG/Datapages Combined Publications Database
GCAGS Transactions
Abstract
Competition and the Quest for Offshore Leases
C. E. McMichael, R. W. Stephens (2)
ABSTRACT
There are great differences of opinion among bidders as to the values of the tracts offered at offshore lease sales. These differences arise from the great degree of uncertainty present in the evaluation process. Further, this uncertainty, as reflected in the bidding, has not diminished through time with the development of new exploration techniques. This difference in opinion insures that a high percentage of the oil and gas in a sale area will be found and the public will receive "top dollar" for the leases.
An analysis of the top 15 Gulf of Mexico tracts in each Federal lease sale through 1974 suggests that the greater the uncertainty the greater is the likelihood that the sum of the winning bids will be considerably more than the industry consensus opinion of the value of the acreage offered.
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