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This document is used for relinquishing federal oil and gas leases on the Outer Continental Shelf (OCS) by the owners of the record title interest.
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How to fill out relinquishment of federal ocs

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How to fill out RELINQUISHMENT OF FEDERAL OCS OIL AND GAS LEASE

01
Obtain the RELINQUISHMENT OF FEDERAL OCS OIL AND GAS LEASE form from the Bureau of Ocean Energy Management (BOEM) website or an authorized office.
02
Fill in the lease number and the name of the lessee in the appropriate sections.
03
Provide detailed information about the lease, including the lease's location and duration.
04
Confirm that there are no outstanding obligations or payments associated with the lease.
05
Clearly state the reason for relinquishment in the designated area of the form.
06
Sign and date the form, ensuring that the signatory has the authority to relinquish the lease.
07
Submit the completed relinquishment form to the appropriate BOEM office for processing.

Who needs RELINQUISHMENT OF FEDERAL OCS OIL AND GAS LEASE?

01
Individuals or companies who hold a federal Outer Continental Shelf (OCS) oil and gas lease and wish to terminate their leasing rights.
02
Entities that no longer find the lease economically viable for exploration or production activities.
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People Also Ask about

Definition. Generally, a continuous drilling provision allows a temporary cessation of production without automatically resulting in the termination of an oil and gas lease that has been extended by production.
A shut-in clause (or shut-in royalty clause) traditionally allows the lessee to maintain the lease by making shut-in payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
A lease terminates during the secondary term: on failure to produce in paying quantities[ii]; cessation of production and operations; failure to tender shut-in royalties when due; and. on breach of the implied covenant to reasonably develop the leased premises.
A cessation-of-production clause is a provision in an oil and gas lease that outlines what the lessee must do to maintain the lease if production stops. The purpose of this clause is to avoid the uncertainties of the temporary cessation of production doctrine.

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Relinquishment of Federal OCS Oil and Gas Lease refers to the formal process by which a leaseholder voluntarily gives up their rights and interests to extract oil and natural gas from a specified area of the Outer Continental Shelf.
The leaseholder or entity that holds the Federal OCS Oil and Gas Lease is required to file for relinquishment if they choose to terminate their rights to the lease.
To fill out the relinquishment form, the leaseholder must provide necessary details such as the lease number, the legal description of the leased area, and sign the document to indicate their intent to relinquish the lease.
The purpose of relinquishment is to formally terminate the lease agreements, allowing for the reallocation of the lease area for other uses or to allow other parties to apply for leases in that area.
The information required includes the lease number, the area of the OCS lease being relinquished, the name of the leaseholder, and signatures of authorized representatives.
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