Geology topics

John Lohrenz

Publications and source records attributed to John Lohrenz.

3 recordsLinked to original sources

USGS1979

Federal onshore oil and gas lease bonus bids, 1972-1977: Statistical studies

We studied the statistical behavior of Federal onshore oil and gas lease bonus bids. Like offshore bids, these bids exhibited (a) occasional occurrences of low, noise bids, (b) apparent lognormality, (c) standard deviations (using natural logarithms) close to one, (d) apparent disparities between money left on the table given random lognormal bids consistent with flinching, and (e) wide ranges of aggressive and conservative biases of bidders in individual sales. In fact, the only substantive difference found was a far lesser proportion of joint bidding and larger company bidders bidding for these onshore leases which tended to receive lower bids than offshore bids.

Open-File Report↗

USGS1978

Statistical analysis of re-bid federal offshore Gulf of Mexico oil and gas leases

Through 1977, there were 178 cases where exactly the same Federal offshore oil and gas bonus bid lease was offered and received bids in 2 sales. (In addition, there were 131 cases where there was an overlap of acreage between a lease offered and receiving bids in 2 sales.) Table 1 summarizes these exact re-bid leases which are in 2 categories: (1) Leases re-bid after rejection of any and all bids received as a result of a prior offering, and (2) Leases re-bid after prior offering, issue, and relinquishment of a lease. We will call the former category rejected re-bid leases, the latter relinquished re-bid leases. Table 1 shows there were 120 of the former and 58 of the latter. The purpose of this study was simply development and analysis of the statistics of re-bid leases. The reasons why the data behave as they do are subjective and unavoidably involve nontechnical value judgments. Therefore, we do not speculate on the reasons in this report. The data source for this study was the LPR-5/-10 data base maintained by the General Services Administration, Fort Worth, Texas.

Gulf of Mexico↗

USGS1973

Bidding and production relationships for federal OCS leases: Statistical studies of wildcat leases, Gulf of Mexico, 1962, and prior sales

The relationships between bids received on wildcat leases issued on federal OCS lands in the Gulf of Mexico from 1954 through 1962 and subsequent drilling on, production from, and relinquishment of these leases were studied. The results provided quantitative answers to questions regarding bidding as prescribed by current laws and regulations. Perhaps the most notable result is the finding that, while leases receiving the most and highest bids tend, on the average, to produce more revenue, such leases tend to produce less revenue per dollar of bonus spent on the lease.

Gulf of Mexico↗