§585.433. What must I do after my lease or grant terminates?
30 C.F.R. § 585.433
After your lease or grant terminates, you must—
Make all payments due, including any accrued rentals and deferred bonuses; and
Perform any other outstanding obligations under the lease or grant within 6 months.
Within 2 years following termination of a lease or grant, you must remove or dispose of all facilities, installations, and other devices permanently or temporarily attached to the seabed on the OCS in accordance with your BOEM-issued lease for hydrokinetic facilities or an application approved by BSEE under 30 CFR part 285, subpart I.
If you fail to comply with your BOEM-issued lease for hydrokinetic facilities or decommissioning application:
BOEM may call for the forfeiture of your financial assurance; and
You remain liable for removal or disposal costs and responsible for accidents or damages that might result from such failure.
Notes, amendments, and revision history
Source
Source: 89 FR 42736, May 15, 2024, unless otherwise noted.
Authority
Authority: 43 U.S.C. 1337.
Source
Source: 88 FR 6430, Jan. 31, 2023, unless otherwise noted.