30 CFR 585.505 - What are the rent and operating fee requirements for a limited lease?

Regulations last checked for updates: Oct 18, 2024

Title 30 - Mineral Resources last revised: Oct 03, 2024

View all text of Subpart F [§ 585.500 - § 585.599]

§ 585.505 - What are the rent and operating fee requirements for a limited lease?

(a) The rent for a limited lease is $3 per acre per year, unless otherwise established in the Final Sale Notice and/or your lease instrument.

(b) You must pay ONRR the initial 12 months' rent 45 days after you receive the lease copies from BOEM in accordance with the requirements provided in § 585.500(c)(3).

(c) You must pay ONRR as provided in 30 CFR 1218.51 the rent due at the beginning of each subsequent 1-year period on the entire lease area for the duration of your operations period.

(d) BOEM will not charge an operating fee for the authorized sale of power from a limited lease.

authority: 43 U.S.C. 1337.

source: 88 FR 6430, Jan. 31, 2023, unless otherwise noted.

cite as: 30 CFR 585.505