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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 43 - Public Lands: Interior |
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Subtitle B - Regulations Relating to Public Lands |
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Chapter II - Bureau of Land Management, Department of the Interior |
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SubChapter C - Minerals Management (3000) |
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Part 3100 - Oil and Gas Leasing |
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Subpart 3109 - Leasing Under Special Acts |
§ 3109.1-5 - Compensatory royalty agreement or lease.
Latest version.
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§ 3109.1-5 Compensatory royalty agreement or lease.
(a) The lease or compensatory royalty agreement shall be on a form approved by the Director.
(b) The royalty to be charged shall be fixed by the Bureau of Land Management in accordance with the provisions of § 3103.3 of this title, but shall not be less than 121⁄2 percent.
(c) The term of the lease shall be for a period of not more than 20 years.