Mineral Revenues: Potential Cost to Repurchase Offshore Oil and Gas Leases.

摘要

This report responds to your July 1990 request that we determine the potential cost to the federal government if it were to cancel 123 oil and gas leases offshore Alaska, Florida, and North Carolina and repurchase them under the provisions of the Outer Continental Shelf Lands Act (OCSLA). Specifically, this report provides a range of costs as of December 31, 1990, that the government could be required to reimburse the leases if the leases were cancelled. Because of environmental concerns, these leases have been suspended for periods ranging from 4 months to over 2 years, as of December 31, 1990. Under the OCSLA, the Department of the Interior can general cancel leases after 5 years of continuous suspension. During periods of suspension, exploration and development are prohibited.