42 U.S.C. § 15905 — Royalty relief for deep water production
submitted 21 years ago by Pub. L. 109-58 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 217 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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)).
The suspension of royalties under subsection (a) shall be established at a volume of not less than—
5,000,000 barrels of oil equivalent for each lease in water depths of 400 to 800 meters;
9,000,000 barrels of oil equivalent for each lease in water depths of 800 to 1,600 meters;
12,000,000 barrels of oil equivalent for each lease in water depths of 1,600 to 2,000 meters; and
16,000,000 barrels of oil equivalent for each lease in water depths greater than 2,000 meters.
The Secretary* may place limitations on royalty relief granted under this section based on market price.
Source credit: (Pub. L. 109–58, title III, § 345, Aug. 8, 2005, 119 Stat. 703.)
- 2005Enacted · Pub. L. 109-58 · 119 Stat. 703
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-58 on 2005-08-08.
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