[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: 30CFR220.034]

[Page 204-205]
 
                       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. 220.034  Redetermination and appeals.

    (a) If, as a result of an inspection of records or an audit under 
Sec. 220.033, the Director determines that there is an error in the NPSL 
capital account or an error in calculating the net profit share payment, 
whether in favor of the government or the lessee, the Director shall 
redetermine the net profit share base and recalculate the net profit 
share payment due the United States and notify the lessee of the 
recalculation.
    (b) The lessee shall pay any additional amount of net profit share 
payment owed plus interest, compounded monthly, from the date that the 
payment was due until the date it is actually paid. Interest shall be 
calculated at the prevailing rate or rates as published in the Bulletin 
to the Department of the Treasury Fiscal Requirements Manual, in effect 
for the period or periods over which the payment is owed.

[[Page 205]]

    (c) If the recalculated profit share payment is less than the amount 
paid the United States, the lessee shall apply such overpayment to the 
next profit share payment.
    (d) Within 30 days after receiving notice of the recalculation as 
provided in paragraph (a) of this section, the lessee may appeal the 
decision of the Director in accordance with the appeals provision of 30 
CFR part 290.