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Competition and performance in OCS oil and gas lease sales and lease development, 1954-1969

January 1, 1980

The oil and gas resources of the Outer Continental Shelf represent one of America's largest publicly-owned assets. Through 1978, OCS oil and gas leases had yielded \$40.5 billion in gross production value and produced over \$28.3 billion in direct revenue to the federal government.

Policies and procedures for managing the oil and gas resources of the OCS were established by Congress in the Outer Continental Shelf Lands Act of 1953. The Department of Interior was given the central responsibility for carrying out this management role in the 1953 Act; this responsibility has been re-established in the 1978 Amendments to the OCS Lands Act. As stated in the 1978 legislation, the goals of OCS management are to:

...preserve, protect and develop oil and natural gas resources in a manner which is consistent with the need (A) to make such resources available to meet the Nation's energy needs as rapidly as possible... (C) to insure the public a fair and equitable return on the resources of the Outer Continental Shelf, and (D) to preserve and maintain free enterprise competition.

As part of its continuing effort to monitor the effectiveness of federal policies relating to OCS oil and gas resources, the Conservation Division of U.S. Geological Survey, Department of Interior, has sponsored the research which is the basis for the present report. The objectives of the research have been to determine the extent to which the historical policies of OCS management have resulted in achievement of the goals set forth by Congress in the section quoted above.

Publication Year 1980
Title Competition and performance in OCS oil and gas lease sales and lease development, 1954-1969
DOI 10.3133/ofr80853
Authors Walter J. Mead, Philip Edward Sorensen
Publication Type Report
Publication Subtype USGS Numbered Series
Series Title Open-File Report
Series Number 80-853
Index ID ofr80853
Record Source USGS Publications Warehouse