30 CFR 550.166 - If I have a State lease, what surety bond must I have for a right-of-use and easement?

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§ 550.166 If I have a State lease, what surety bond must I have for a right-of-use and easement?
(a) Before BOEM issues you a right-of-use and easement on the OCS, you must furnish the Regional Director a surety bond for $500,000.
(b) The Regional Director may require additional security from you (i.e., security above the prescribed $500,000) to cover additional costs and liabilities for regulatory compliance. This additional surety:
(1) Must be in the form of a supplemental bond or bonds meeting the requirements of 30 CFR 556.54 (General requirements for bonds) or an increase in the coverage of an existing surety bond.
(2) Covers additional costs and liabilities for regulatory compliance, including well abandonment, platform and structure removal, and site clearance from the seafloor of the right-of-use and easement.
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§ 550.166 If I have a State lease, what surety bond must I have for a right-of-use and easement?

(a) Before BOEM issues you a right-of-use and easement on the OCS, you must furnish the Regional Director a surety bond for $500,000.

(b) The Regional Director may require additional security from you (i.e., security above the prescribed $500,000) to cover additional costs and liabilities for regulatory compliance. This additional surety:

(1) Must be in the form of a supplemental bond or bonds meeting the requirements of 30 CFR 556.54 (General requirements for bonds) or an increase in the coverage of an existing surety bond.

(2) Covers additional costs and liabilities for regulatory compliance, including well abandonment, platform and structure removal, and site clearance from the seafloor of the right-of-use and easement.

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United States Code
U.S. Code: Title 30 - MINERAL LANDS AND MINING
U.S. Code: Title 31 - MONEY AND FINANCE
U.S. Code: Title 43 - PUBLIC LANDS

Title 30 published on 2015-07-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 30 CFR Part 550 after this date.

  • 2015-09-22; vol. 80 # 183 - Tuesday, September 22, 2015
    1. 80 FR 57092 - Updating Addresses and Contact Information in the Bureau of Ocean Energy Management's Regulations
      GPO FDSys XML | Text
      DEPARTMENT OF THE INTERIOR, Bureau of Ocean Energy Management
      Direct final rule.
      This rule is effective September 22, 2015.
      30 CFR Parts 519, 550, 551, 553, 556, 560, 580, 581, 582, and 585