Agency Information Collection Activities: 30 CFR Part 1220, OCS Net Profit Share Payment
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law pertains to the Office of Natural Resources Revenue's (ONRR) authority to collect necessary information related to net profit share payments for oil and gas production under Outer Continental Shelf (OCS) leases. It outlines the specifics of information collection, including requirements for maintaining capital accounts, filing reports, and conducting audits. The aim is to ensure accurate reporting and compliance regarding the revenues and expenses associated with these leases.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Renewal of information collection authority
- Mandatory reporting for NPSL lessees
- Enhanced audit requirements for compliance
Obligations
What this law requires
Net Profit Share Lease (NPSL) lessees must establish and maintain a capital account for each NPSL, crediting all production revenues attributable to the NPSL and any other credits arising from NPSL activities
NPSL lessees must debit capital accounts with all allowable direct and allocable joint costs incurred during the lease term, appropriate overhead allowances, and allowances for capital recovery
NPSL lessees must file annual reports with ONRR disclosing capital account information
All written comments on this information collection must be received by June 8, 2026, and must reference OMB Control Number 1012-0009 in the subject line
ONRR must not conduct or sponsor information collection without a currently valid OMB control number (1012-0009 for this collection)