Form BOEM-2005 Oil and Gas Lease of Submerged Lands Under the Outer Continental Shelf Lands Act

What Is Form BOEM-2005?

This is a legal form that was released by the U.S. Department of the Interior - Bureau of Ocean Energy Management on February 1, 2017 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is BOEM-2005?A: BOEM-2005 is a form used for leasing oil and gas rights on submerged lands under the Outer Continental Shelf Lands Act.

Q: What is the Outer Continental Shelf Lands Act?A: The Outer Continental Shelf Lands Act is a law that governs the leasing and development of oil and gas resources on the outer continental shelf of the United States.

Q: What are submerged lands?A: Submerged lands refer to the areas of land that are underwater, including the ocean floor and the subsoil beneath it.

Q: What is the purpose of the BOEM-2005 form?A: The purpose of the BOEM-2005 form is to establish the terms and conditions for leasing oil and gas rights on submerged lands.

Q: Who uses the BOEM-2005 form?A: The BOEM-2005 form is used by individuals or companies interested in leasing oil and gas rights on submerged lands.

Q: What information is required on the BOEM-2005 form?A: The BOEM-2005 form requires information such as the applicant's name, contact details, proposed lease area, and a description of the proposed work.

Q: Are there any fees associated with the BOEM-2005 form?A: Yes, there are fees associated with the BOEM-2005 form, including rental fees and royalty payments.

Q: Is the BOEM-2005 form specific to a certain region?A: No, the BOEM-2005 form is used for leasing oil and gas rights on submerged lands across the Outer Continental Shelf of the United States.

Q: Can the BOEM-2005 lease be transferred or assigned to another party?A: Yes, the BOEM-2005 lease can be transferred or assigned to another party with the approval of the Bureau of Ocean Energy Management.

Q: What happens if a lease is not developed?A: If a lease is not developed, the lease may be terminated and the lessee may be subject to penalties or forfeiture.