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Code · CFR · Title 30 — Mineral Resources · Part 585 · § 585.224

§ 585.224. What will BOEM do after the auction?

288 words·~1 min read·/us/cfr/t30/s§ 585.224·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)At the conclusion of the auction, BOEM will:
(1)Declare the bidding closed.
(2)Assess whether the bids meet the requirements of BOEM's regulations and the FSN. BOEM may disqualify bids based on this review.
(3)Under 43 U.S.C. 1337(c), provide the Department of Justice, in consultation with the Federal Trade Commission, the opportunity to conduct an antitrust review of the lease sale results. BOEM may disqualify bids based on the results of this review.
(4)BOEM will declare the provisional winner of each lease area.
(b)BOEM may reject any and all bids received, regardless of the amount offered.
(c)BOEM will accept or reject bids within 90 calendar days of auction closure; BOEM may extend that time by notice to bidders within 15 calendar days before the 90 calendar day period ends.
(d)BOEM will deem rejected any bid not accepted within the 90 calendar-day period, or any extension. BOEM will provide each rejected bidder a written explanation for the rejection and will refund, without interest, any monies deposited by the rejected bidder.
(e)BOEM may withdraw all or part of a lease area from the lease sale between auction closure and lease execution. In the event that a portion of the lease area is withdrawn, the provisional winner has the option to refuse the lease without penalty, to propose new lease terms for BOEM's concurrence, or to accept the lease with the reduced area.
(f)BOEM may re-auction any lease area or portions thereof that remain unsold at the conclusion of an auction. BOEM may restart the competitive leasing process at any point in the process set forth in § 585.210 that it deems reasonable and appropriate (e.g., Call, area identification, PSN, or FSN).
Connections73 cite this · traces to 1
Cited by 73 sections · top 29
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§ 585.224
What will BOEM do after the auction?
Fed. Reg.×73
U.S.C.§ 1337
Cites 1Cited by 73 across 1 source
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