offshore-energy · Bureau of Ocean Energy Management · Published 1996-03-25 · 61 FR 12022
Document
Document number
96-7038
Federal Register citation
61 FR 12022
CFR reference
30 CFR 260
Type
Rule
Action
Interim rule.
Category
offshore-energy
Sub-agency
Bureau of Ocean Energy Management
Publication date
1996-03-25
Abstract
The Outer Continental Shelf Deep Water Royalty Relief Act (Act) authorizes the Secretary of the Interior (Secretary) to offer Outer Continental Shelf tracts for lease with suspension of royalties for a volume, value, or period of production. The Act requires the Secretary to use this bidding system on tracts offered for lease in water depths of 200 meters or more in parts of the Gulf of Mexico through November 28, 2000. The Minerals Management Service (MMS) intends to hold a lease sale in April 1996. This interim rule specifies the royalty suspension terms under which the Secretary will make tracts available for that sale.