MMS broadens EFT rules and slates lease sale in western Gulf of Mexico

The U.S. Minerals Management Service has proposed a rule to require companies to use electronic funds transfer (EFT) when they bid for Outer Continental Shelf federal leases. MMS said the proposed rule would allow it to require EFT payments when appropriate, saving time and money for government and industry. The agency's current rules do not require bidders to use EFT to submit their one-fifth bonus bid payments. Since August 1997, MMS has allowed oil companies the option of using EFT to submit bonus bid payments, and in the last two Gulf of Mexico lease sales, at least 90% of high bonus bids were submitted electronically. Since 1984, MMS has required all lessees t...

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