30 CFR 550.184 - What is the amount of compensation for lease cancellation?

§ 550.184 What is the amount of compensation for lease cancellation?
When the Secretary cancels a lease under §§ 550.181, 550.182 or 550.183 of this subpart, you are entitled to receive compensation under 43 U.S.C. 1334(a)(2)(C). You must show the Director that the amount of compensation claimed is the lesser of paragraph (a) or (b) of this section:
(a) The fair value of the cancelled rights as of the date of cancellation, taking into account both:
(1) Anticipated revenues from the lease; and
(2) Costs reasonably anticipated on the lease, including:
(i) Costs of compliance with all applicable regulations and operating orders; and
(ii) Liability for cleanup costs or damages, or both, in the case of an oil spill.
(b) The excess, if any, over your revenues from the lease (plus interest thereon from the date of receipt to date of reimbursement) of:
(1) All consideration paid for the lease (plus interest from the date of payment to the date of reimbursement); and
(2) All your direct expenditures (plus interest from the date of payment to the date of reimbursement):
(i) After the issue date of the lease; and
(ii) For exploration or development, or both.
(c) Compensation for leases issued before September 18, 1978, will be equal to the amount specified in paragraph (a) of this section.

Title 30 published on 2014-07-01.

No entries appear in the Federal Register after this date, for 30 CFR Part 550.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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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 2014-07-01

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

  • 2015-04-20; vol. 80 # 75 - Monday, April 20, 2015
    1. 80 FR 21670 - Oil and Gas and Sulphur Operations on the Outer Continental Shelf—Requirements for Exploratory Drilling on the Arctic Outer Continental Shelf
      GPO FDSys XML | Text
      DEPARTMENT OF THE INTERIOR, Bureau of Ocean Energy Management, Bureau of Safety and Environmental Enforcement
      Extension of comment period for Notice of Proposed Rulemaking
      The comment period for the Notice of Proposed Rulemaking published on February 24, 2015, (80 FR 9916) has been extended. Written comments must be received by the extended due date of May 27, 2015. BOEM and BSEE may not fully consider comments received after this date. ADDRESSES: You may submit comments on the proposed rulemaking by any of the following methods. Please use the Regulation Identifier Number (RIN) 1082-AA00 as an identifier in your message. For comments specifically related to the draft Environmental Assessment conducted under the National Environmental Policy Act of 1969 (NEPA), please refer to NEPA in the heading of your message. • Federal eRulemaking Portal: http://www.regulations.gov. In the entry entitled “Enter Keyword or ID”, enter BSEE-2013-0011 then click search. Follow the instructions to submit public comments and view supporting and related materials available for this rulemaking. BOEM and BSEE may post all submitted comments in their entirety. • Mail or hand-carry comments to the Department of the Interior (DOI); Bureau of Safety and Environmental Enforcement; Attention: Regulations and Standards Branch; 45600 Woodland Road, Sterling, Virginia 20166. Please reference “Oil and Gas and Sulphur Operations on the Outer Continental Shelf—Requirements for Exploratory Drilling on the Arctic Outer Continental Shelf, 1082-AA00” in your comments and include your name and return address. Please note that this address for BSEE is new; however, any comments already submitted to BSEE's former address (381 Elden Street, Herndon, Virginia 20181) do not need to be resubmitted to the new address. • Public Availability of Comments—Before including your address, phone number, email address, or other personal identifying information in your comment, you should be aware that your entire comment—including your personal identifying information—may be made publicly available at any time. While you can ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so.
      30 CFR Parts 250 and 254