Risk Management and Financial Assurance for OCS Lease and Grant Obligations

This information collection request concerns the paperwork requirements in the regulations in 30 CFR part 550, Subparts A and K, which deal with regulatory requirements of oil, gas, and sulphur operations on the OCS. This request also covers the related Notice to Lessees and Operators (NTLs) that BOEM issues to clarify and provide guidance on some aspect of our regulations, and forms BOEM-0127, BOEM-0140, BOEM-1123, and BOEM-1832. The Outer Continental Shelf (OCS) Lands Act, as amended (43 U.S.C. 1331 et seq. and 43 U.S.C. 1801 et seq.), authorizes the Secretary of the Interior to prescribe rules and regulations to administer leasing of the OCS. Such rules and regulations will apply to all operations conducted under a lease. Operations in the OCS must preserve, protect, and develop oil and natural gas resources in a manner that is consistent with the need to make such resources available to meet the Nation’s energy needs as rapidly as possible; to balance orderly energy resources development with protection of human, marine and coastal environments; to ensure the public a fair and equitable return on the resources of the OCS; and to preserve and maintain free enterprise competition. Section 1332(6) states that “operations in the [O]uter Continental Shelf should be conducted in a safe manner by well-trained personnel using technology, precautions, and techniques sufficient to prevent or minimize the likelihood of blowouts, loss of well control…physical obstruction to other users of the waters or subsoil and seabed, or other occurrences which may cause damage to the environment or to property, or endanger life or health.” The BOEM will collect the information to ensure that operations in the Outer Continental Shelf (OCS) are carried out safely and in an environmentally sound manner, do not interfere with the rights of other users in the OCS, and balance the protection and development of OCS resources. Respondents are Outer Continental Shelf Federal and State oil, gas or sulphur lessees.

The latest form for Risk Management and Financial Assurance for OCS Lease and Grant Obligations expires 2023-02-28 and can be found here.

550.115-116; 119 - Performance Standards

Federal Enterprise Architecture: Energy - Energy Resource Management