[Federal Register Volume 89, Number 14 (Monday, January 22, 2024)]
[Notices]
[Pages 3949-3950]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01070]


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DEPARTMENT OF THE INTERIOR

Bureau of Ocean Energy Management

[Docket No. BOEM-2023-0008]


Procedures for Determining Bid Adequacy at Outer Continental 
Shelf Oil and Gas Lease Sales

AGENCY: Bureau of Ocean Energy Management, Interior.

ACTION: Notification of procedural changes.

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SUMMARY: The Bureau of Ocean Energy Management (BOEM) has finalized 
revisions to its bid adequacy procedures to ensure the receipt of fair 
market value from Outer Continental Shelf (OCS) oil and gas lease 
sales. BOEM intends to assess bids using the revised procedures 
beginning with the first lease sale under

[[Page 3950]]

the 2024-2029 National OCS Oil and Gas Leasing Program. The revised 
procedures and BOEM's response to public comments on the draft 
procedures are available at https://www.boem.gov/Fair-Market-Value.

FOR FURTHER INFORMATION CONTACT: Matt Frye, Chief, Resource Evaluation 
Division, Office of Strategic Resources, at (703) 787-1514 or email at 
[email protected].

SUPPLEMENTARY INFORMATION: On January 19, 2023, BOEM published its 
proposed revised bid adequacy procedures in the Federal Register 
(``Modifications to the Bid Adequacy Procedures for Offshore Oil and 
Gas Lease Sales,'' 88 FR 3433) and requested public comments on the 
proposed revisions. The comment period closed on March 6, 2023. BOEM 
received a total of 15,537 comments from three individuals and four 
organizations, including one submission with 15,531 signatures. Thus, a 
total of seven distinct comments \1\ were received.
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    \1\ https://www.regulations.gov/document/BOEM-2023-0008-0001/comment.
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    BOEM reviewed all comments received and addressed those comments 
directly related to the proposed revised bid adequacy procedures. 
BOEM's response to those comments can be found at https://www.boem.gov/Fair-Market-Value. While BOEM did not make any substantive changes to 
its revised bid adequacy procedures based on the feedback received, 
BOEM provided additional detail on a specific calculation included in 
the revised procedures. The revised procedures have been finalized and 
are available at https://www.boem.gov/Fair-Market-Value. BOEM intends 
to assess bids using the revised procedures beginning with the lease 
sales in the next National OCS Oil and Gas Leasing Program.
    Authority: 43 U.S.C. 1331 et seq. (Outer Continental Shelf Lands 
Act, as amended) and 30 CFR part 556.

Elizabeth Klein,
Director, Bureau of Ocean Energy Management.
[FR Doc. 2024-01070 Filed 1-19-24; 8:45 am]
BILLING CODE 4340-98-P