PLANNED FLORIDA OCS LEASE BUYBACK AT ISSUE

Oil companies say they have $500 million invested in leases off Southwest Florida the federal government is considering for buyback. President Bush, in a decision on offshore leasing, ordered the Minerals Management Service to begin procedures to cancel the leases and buy them back (OGJ, July 2, p. 26). Ten oil companies acquired the leases at sales in 1984 and 1986 for $107.6 million in bonus bids. They since have paid another $4.8 million in delay rental. The largest lessees are Chevron,

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