Definition - What does Simultaneous Filing mean?
Simultaneous Filing is an offer by an applicant to acquire noncompetitive leases for lands outside known geological structures (KGS’s). These areas known to have oil and gas deposits. Oil and gas leases fall in competitive and noncompetitive leases. Competitive leases are issued in KGS areas while on noncompetitive leases, the applicant files an offer to lease on lands open for lease in non KGS areas.
Petropedia explains Simultaneous Filing
Oil and gas leases are offered in two basic categories – competitive and noncompetitive. Competitive leases are issued in Known Geological Structures (KGS’s), which are areas known to have producible oil and gas deposits. Noncompetitive leases for lands outside KGS areas are issued either through simultaneous filings or through open over-the-counter offers. The applicant files an offer to lease on lands open to lease in non KGS areas in cases of noncompetitive leases. Expired, cancelled or terminated old leases in non KGS areas, i.e., simultaneous and noncompetitive filings are listed every month and become available for fresh leasing.