Sec. 416. Lease terms and conditions
268 words·~1 min read·
/bill/113/hr/2081/ih/section-416A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An oil or gas lease issued pursuant to this subtitle shall— provide for the payment of a royalty of not less than 12½ percent in amount or value of the production removed or sold from the lease, as determined by the Secretary under the regulations applicable to other Federal oil and gas leases; require that the lessee of lands within the Coastal Plain shall be fully responsible and liable for the reclamation of lands within the Coastal Plain and any other Federal lands that are adversely affected in connection with exploration, development, production, or transportation activities conducted under the lease and within the Coastal Plain by the lessee or by any of the subcontractors or agents of the lessee; provide that the lessee may not delegate or convey, by contract or otherwise, the reclamation responsibility and liability to another person without the express written approval of the Secretary; provide that the standard of reclamation for lands required to be reclaimed under this subtitle shall be, as nearly as practicable, a condition capable of supporting the uses which the lands were capable of supporting prior to any exploration, development, or production activities, or upon application by the lessee, to a higher or better use as approved by the Secretary; include requirements and restrictions to provide for reasonable protection of fish and wildlife, their habitat, subsistence resources, and the environment as determined by the Secretary; prohibit the export of oil produced under the lease; and contain such other provisions as the Secretary determines necessary to ensure compliance with the provisions of this subtitle and the regulations issued under this subtitle.