96-4355. Information Collection Submitted to the Office of Management and Budget for Review Under the Paperwork Reduction Act

[Federal Register Volume 61, Number 39 (Tuesday, February 27, 1996)]
[Notices]
[Page 7274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4355]



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DEPARTMENT OF THE INTERIOR
Minerals Management Service


Information Collection Submitted to the Office of Management and 
Budget for Review Under the Paperwork Reduction Act

    The proposal for the collection of information listed below has 
been submitted to the Office of Management and Budget for approval 
under the provisions of the Paperwork Reduction Act of 1995. Copies of 
the proposed information collection requirement and related explanatory 
material may be obtained by contacting Dennis C. Jones at 303-231-3046. 
Comments should be submitted to OMB within 30 days of publication of 
this notice and should be made directly to the Office of Information 
and Regulatory Affairs, Attention: Desk Officer for Department of the 
Interior, telephone [phone].
    Title: Net Profit Share Payments for Outer Continental Shelf Oil 
and Gas Leases, 30 CFR 220.
    OMB Approval Number: 1010-0073
    Abstract: Companies involved in the exploration and development of 
Outer Continental Shelf oil and gas leases under the Net Profit Share 
Lease (NPSL) system make net profit share payments rather than royalty 
payments. To encourage exploration and development of a lease, the NPSL 
system provides for a sharing, by the lessee and the Government, of the 
risk involved. The lessee is permitted to deduct allowable costs to 
determine net profit, and profit share payments are not due until the 
lease becomes profitable. Lessees are required to maintain an NPSL 
capital account and to provide annual reports listing costs incurred, 
credits received, and the balance in the account. Beginning the first 
month in which production revenues are credit to the capital account, 
lessees are required to prepare monthly reports showing volume and 
disposition of oil and gas production, production revenue, all costs 
and credits to the account, the balance in the account, and the net 
profit share payment due the Government.
    Bureau Form Numbers: None.
    Frequency: Annually or monthly.
    Description of Respondents: Oil and gas companies.
    Annual Responses: 222.
    Annual Burden Hours: 3,576.
    Bureau Clearance Officer: Arthur Quintana, [phone].

    Dated: January 16, 1996.
James W. Shaw,
Associate Director for Royalty Management.
[FR Doc. 96-4355 Filed 2-26-96; 8:45 am]
BILLING CODE 4310-MR-P