Form BOEM-2028 Outer Continental Shelf (Ocs) Mineral Lessee's and Operator's Bond

What Is Form BOEM-2028?

This is a legal form that was released by the U.S. Department of the Interior - Bureau of Ocean Energy Management on January 1, 2020 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-2028?A: BOEM-2028 is a form used for the Outer Continental Shelf (OCS) Mineral Lessee's and Operator's Bond.

Q: What is the purpose of BOEM-2028?A: The purpose of BOEM-2028 is to provide a financial guarantee for the performance of obligations by mineral lessees and operators on the Outer Continental Shelf.

Q: Who needs to use BOEM-2028?A: Mineral lessees and operators on the Outer Continental Shelf need to use BOEM-2028.

Q: What does the bond cover?A: The bond covers a wide range of obligations, including payment of royalties, compliance with laws and regulations, and the plugging and abandonment of wells.

Q: What happens if a lessee or operator fails to fulfill their obligations?A: If a lessee or operator fails to fulfill their obligations, the bond can be used to cover the costs and damages incurred.

Q: Are there any specific requirements for the bond amount?A: Yes, the bond amount is determined by BOEM based on the specific operations and potential liabilities of the lessee or operator.

Q: Can the bond amount change over time?A: Yes, the bond amount can be adjusted by BOEM based on changing circumstances or new information regarding the operations.

Q: Is BOEM-2028 required for all types of mineral operations on the Outer Continental Shelf?A: Yes, BOEM-2028 is required for all types of mineral operations, including oil and gas exploration and production.

Q: What are the consequences of not having a valid bond?A: Failure to have a valid bond can result in the suspension or termination of mineral leases and the imposition of penalties or fines.