By way of background, the Bureau of Ocean Energy Management (BOEM) manages the leasing process on the Outer Continental Shelf (OCS). Bidders bid for leases competitively, in sealed bids. The BOEM normally has 90 days to review bids for “sufficient consideration” — that is, it takes seismic data that industry acquires and processes at its own risk and expense and evaluates the potential of each block. If the high bid on a block does not exceed BOEM’s deemed value, all bids are rejected and the lease is made available for purchase a year later in the next lease sale.

H/T ocsbbs.com