View all text of Part A [§ 15901 - § 15912]
§ 15905. Royalty relief for deep water production
(a) In general
(b) Suspension of royalties
The suspension of royalties under subsection (a) shall be established at a volume of not less than—
(1) 5,000,000 barrels of oil equivalent for each lease in water depths of 400 to 800 meters;
(2) 9,000,000 barrels of oil equivalent for each lease in water depths of 800 to 1,600 meters;
(3) 12,000,000 barrels of oil equivalent for each lease in water depths of 1,600 to 2,000 meters; and
(4) 16,000,000 barrels of oil equivalent for each lease in water depths greater than 2,000 meters.
(c) Limitation
(Pub. L. 109–58, title III, § 345, Aug. 8, 2005, 119 Stat. 703.)