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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 30 - Mineral Resources |
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Chapter V - Bureau of Ocean Energy Management, Department of the Interior |
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SubChapter B - Offshore |
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Part 556 - Leasing of Sulfur or Oil and Gas and Bonding Requirements in the Outer Continental Shelf |
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Subpart G - Transferring All or Part of the Record Title Interest in a Lease |
§ 556.713 - What is the effect of an assignment of a lease on an assignee's liability under the lease?
Latest version.
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§ 556.713 What is the effect of an assignment of a lease on an assignee's liability under the lease?
As assignee, you and any subsequent assignees are liable for all obligations that accrue after the effective date of your assignment. As assignee, you must comply with all the terms and conditions of the lease and regulations issued under OCSLA, and in addition, you must remedy all existing environmental and operational problems on the lease, properly abandon all wells, and reclaim the site, as required under 30 CFR part 250.