42 U.S. Code § 15905 - Royalty relief for deep water production

(a) In general
Subject to subsections (b) and (c), for each tract located in water depths of greater than 400 meters in the Western and Central Planning Area of the Gulf of Mexico (including the portion of the Eastern Planning Area of the Gulf of Mexico encompassing whole lease blocks lying west of 87 degrees, 30 minutes West longitude), any oil or gas lease sale under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) occurring during the 5-year period beginning on August 8, 2005, shall use the bidding system authorized under section 8(a)(1)(H) of the Outer Continental Shelf Lands Act (43 U.S.C. 1337 (a)(1)(H)).
(b) Suspension of royalties
The suspension of royalties under subsection (a) shall be established at a volume of not less than—
(1) 5,000,000 barrels of oil equivalent for each lease in water depths of 400 to 800 meters;
(2) 9,000,000 barrels of oil equivalent for each lease in water depths of 800 to 1,600 meters;
(3) 12,000,000 barrels of oil equivalent for each lease in water depths of 1,600 to 2,000 meters; and
(4) 16,000,000 barrels of oil equivalent for each lease in water depths greater than 2,000 meters.
(c) Limitation
The Secretary may place limitations on royalty relief granted under this section based on market price.

Source

(Pub. L. 109–58, title III, § 345,Aug. 8, 2005, 119 Stat. 703.)
References in Text

The Outer Continental Shelf Lands Act, referred to in subsec. (a), is act Aug. 7, 1953, ch. 345, 67 Stat. 462, as amended, which is classified generally to subchapter III (§ 1331 et seq.) of chapter 29 of Title 43, Public Lands. For complete classification of this Act to the Code, see Short Title note set out under section 1331 of Title 43 and Tables.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


30 CFR - Mineral Resources

30 CFR Part 203 - RELIEF OR REDUCTION IN ROYALTY RATES

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.