Report on the determination of the fair market value of offshore oil and gas lease bids

Section 18 of the Outer Continental Shelf Lands Act (43 U.S.C. 1344) is amended by adding at the end the following: (j) Report on the determination of the fair market value of offshore oil and gas lease bids (1) Requirement If the Secretary determines pursuant to subsection (a)(4) that the Federal Government will not receive the fair market value from a bid for a covered lease tract, the Secretary shall provide to the bidder a report that explains the basis for such determination. If the bid was a qualified bid that was subject to a resource and economic evaluation, the report shall include information on how such qualified bid relates to the Mean Range of Values, Delay-adjusted Mean Range of Values, Adjusted Delayed Value, and Revised Arithmetic Average Measure for the covered lease tract. (2) Covered lease tract In this subsection, The term covered lease tract means a lease tract for which the Secretary— (A) held a lease sale; (B) received at least one bid; and (C) did not issue a lease to the highest responsible qualified bidder..