Business & Commerce

Agency Information Collection Activities: 30 CFR Part 1220, OCS Net Profit Share Payment

🇺🇸United States··Notice·Medium Impact·View source ↗

AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.

🇬🇧 English

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

high

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

OCS oil and gas lease lessees with Net Profit Share arrangements
operational
high

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

OCS oil and gas lease lessees with Net Profit Share arrangements
operational
high

NPSL lessees must file annual reports with ONRR disclosing capital account information

OCS oil and gas lease lessees with Net Profit Share arrangements
reporting
medium

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

Public entities, Federal agencies, and interested parties submitting comments
disclosure
high

ONRR must not conduct or sponsor information collection without a currently valid OMB control number (1012-0009 for this collection)

Office of Natural Resources Revenue (ONRR)
licensing

Affected Parties

Oil and gas lesseesGovernment regulatory agencies

Tags

OCS,net profit share,regulatory compliance