§ 556.704 When may BOEM disapprove an assignment or sublease of an interest in my lease?
FederalRegulations
Ask Donna
How this section applies to your facts.
Title 30 CFR: Mineral Resources › Chapter V: BUREAU OF OCEAN ENERGY MANAGEMENT, DEPARTMENT OF THE INTERIOR › Part 556: LEASING OF SULFUR OR OIL AND GAS AND FINANCIAL ASSURANCE REQUIREMENTS IN THE OUTER CONTINENTAL SHELF › Subpart G: Transferring All or Part of the Record Title Interest in a Lease › § 556.704: § 556.704 When may BOEM disapprove an assignment or sublease of an interest in my lease?
Text
(a) BOEM may disapprove an assignment or sublease of all or part of your lease interest(s):
(1) When the transferor, transferee, or sublessee is not in compliance with all applicable regulations and orders, including financial assurance requirements;
(2) When a transferor attempts a transfer that is not acceptable as to form or content (
e.g.,
not on standard form, containing incorrect legal description, not executed by a person authorized to bind the corporation, transferee does not meet the requirements of § 556.401); or
(3) When the transfer does not conform to these regulations, or any other applicable laws or regulations (e.g., departmental debarment rules).
(b) A transfer will be void if it is made pursuant to any prelease agreement that would cause a bid to be disqualified, such as those described in § 556.511(c), (d), or (e).
[81 FR 18152, Mar. 30, 2016, as amended at 89 FR 31593, Apr. 24, 2024]
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.