[Code of Federal Regulations]
[Title 30, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 30CFR220.031]

[Page 202-203]
 
                       TITLE 30--MINERAL RESOURCES
 
                       DEPARTMENT OF THE INTERIOR
 
PART 220--ACCOUNTING PROCEDURES FOR DETERMINING NET PROFIT SHARE PAYMENT FOR OUTER CONTINENTAL SHELF OIL AND GAS LEASES--Table of Contents
 
Sec. 220.031  Reporting and payment requirements.

    (a) Each lessee subject to this part shall file an annual report 
during the period from issuance of the NPSL until the first month in 
which production revenues are credited to the NPSL capital account. Such 
report shall list the costs incurred, including allowances applied, 
credits received, and the balance of the NPSL capital account. Not later 
than 60 days after the end of the first month in which production 
revenues are credited to the NPSL capital account, a final report 
relating to the period shall be filed.
    (b) Beginning with the first month in which production revenues are 
credited to the NPSL capital account, each lessee subject to this part 
220 shall file a report for each NPSL, not later than 60 days following 
the end of each month, containing the following information for the 
month for which the report is filed:
    (1) The volume and disposition of all oil and gas production saved, 
removed or sold;
    (2) The production revenue;

[[Page 203]]

    (3) The amount and description of all costs and credits to the NPSL 
capital account;
    (4) The balance of the NPSL capital account; and
    (5) The net profit share base and net profit share payment due the 
United States and the monthly profit share of the lessee.
    (c) Each lessee subject to this part 220 shall submit, together with 
the report required by paragraph (b) of this section, any net profit 
share payment due the United States for the period covered by the 
report.
    (d) Each lessee subject to this part 220 shall file a report not 
later than 90 days after each inventory is taken, reporting the 
controllable materiel on hand, acquired, transferred or used.
    (e) Each lessee subject to this part 220 shall file a final report, 
not later than 60 days following the cessation of production, together 
with the appropriate net profit share payment, indicating the remaining 
balance and costs and credits to the NPSL capital account for the 
period.
    (f) Reports required by this section shall be filed with the 
Director, either separately or as part of the reports that are currently 
filed.
    (g) Interest shall be calculated at the prevailing rate or rates as 
published in the Bulletin to the Department of the Treasury Fiscal 
Requirement Manual, in effect for the period or periods over which the 
net profit share payment is owed, compounded monthly, on the amount of a 
net profit share payment, from the due date (60 days following the end 
of each month for which the payment was due) of a net profit share 
payment until such payment is received by the United States.