If prices rise above a base price threshold for light sweet crude oil or natural gas, you must pay full royalties on production otherwise subject to royalty relief approved by BSEE under §§ 203.60-203 .77 for your lease, unit or project as prescribed in this section.
For . . . | The base price threshold is . . . |
(1) Pre-Act leases in the GOM, | set by statute. |
(2) Post-November 2000 deep water leases in the GOM or leases offshore of Alaska for which the lease or Notice of Sale set a base price threshold, | indicated in your original lease agreement or, if none, those in the Notice of Sale under which your lease was issued. |
(3) Post-November 2000 deep water leases in the GOM or leases offshore of Alaska for which the lease or Notice of Sale did not set a base price threshold, | the threshold set by statute for pre-Act leases. |
30 C.F.R. §203.78