What are the issues?
- Dearth of prospects?
- Leasing uncertainty?
- Block size and lease terms?
- Political, legal, and regulatory risks?
- Mergers?
- Fewer companies with the financial strength to conduct deepwater operations
- Greater concentration of activity
- Less diverse exploration strategies
- Better opportunities internationally?
- Preference for shale operations on private lands?
- Short lead times
- Faster return on investment
- Minimal political and legal risk
- Efficient permitting
Bud's Offshore Energy (BOE) 
I believe mostly bullets 4 and 5. Add the cost of doing business for the independents – Lease bonus, Rentals, Bonds, Oil Spill Financial Responsibility, Permit fees, Inspection fees, Penalties, etc.
Good point about the high cost of doing business for independents. Their participation is critical to the success of the program.