C.F.R. » Title 30 » CHAPTER V—BUREAU OF OCEAN ENERGY MANAGEMENT, DEPARTMENT OF THE INTERIOR › SUBCHAPTER B—OFFSHORE › PART 556—LEASING OF SULFUR OR OIL AND GAS AND FINANCIAL ASSURANCE REQUIREMENTS IN THE OUTER CONTINENTAL SHELF › Subpart G—Transferring All or Part of the Record Title Interest in a Lease

30 C.F.R. § 556.715

Are there any interests I may transfer or record without BOEM approval?

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(a) You may create, transfer, or assign economic interests without BOEM approval. However, for record purposes, you must send BOEM a copy of each instrument creating or transferring such interests within 90 days after the last party executes the transfer instrument. For each lease affected, you must pay the service fee listed in § 556.106 with your documents submitted for record purposes and your submission must include evidence of payment via pay.gov.

(b) For recordkeeping purposes, you may also submit other legal documents to BOEM for transactions that do not require BOEM approval. If you submit such documents for record purposes not required by this part, you must pay the service fee listed in § 556.106 with your document submissions for each lease affected. Your submission must include evidence of payment via pay.gov.

Notes of Decisions
Cited in 2 cases (2 in the last 5 years), 2021–2021 · leading case: Fieldwood Energy LLC & The Off. Comm. of Unsecured Creditors (Bankr. S.D. Tex. 2021).
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Fieldwood Energy LLC & The Off. Comm. of Unsecured Creditors (Bankr. S.D. Tex. 2021). “BOEM’s regulations recognize that lease owners “may create, transfer, or assign economic interests without BOEM approval,” 30 C.F.R. § 556.715 , but BOEM’s regulatory definition of “economic interest” expressly excludes any “record title interest or an operating rights interest.”
QuarterNorth Energy LLC & certain of its affilia v. Atl. Mar. Servs. LLC (Bankr. S.D. Tex. 2021). “BOEM’s regulations recognize that lease owners “may create, transfer, or assign economic interests without BOEM approval,” 30 C.F.R. § 556.715 , but BOEM’s regulatory definition of “economic interest” expressly excludes any “record title interest or an operating rights interest.”
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