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The Mineral Leasing Act of 1920 30 U.S.C. § 181 et seq. is a United States federal law that authorizes and governs leasing of public lands for developing deposits of coal, petroleum, natural gas and other hydrocarbons, in addition to phosphates, sodium, sulfur, and potassium in the United States.
Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and the payments to the lessor. [6]
Leases are usually term-limited, meaning the company has a limited amount of time to develop the resources; if they do not begin development within that time-frame they forfeit their right to extract those minerals. The four components of mineral rights leasing are: [12] Ownership; Leasing; The division order; The royalty check
Equipment Lease Agreements typically contain language prohibiting the lessee from assigning the lease to a third party. For example, "You have no right to sell, transfer, assign, sublease, or encumber the equipment or this agreement" protects the Lessor’s collateral and credit underwriting guidelines in the event the lessee ever wants to ...
Mineral Leasing Act of 1920, Federal Oil and Gas Royalty Management Act, Federal Oil and Gas Royalty Simplification and Fairness Act of 1996 BP America Production Co. v. Burton , 549 U.S. 84 (2006), was a United States Supreme Court case about whether a statute of limitations on government actions for contract claims applies to actions by a ...
Mineral rights on Indian lands. As part of its trust responsibilities, the BLM provides technical advice for minerals operations on 56 million acres (230,000 km 2) of Indian lands. [67] Leasing and Land Management of Split Estates. A split estate is similar to the broad form deeds used, starting in the early 1900s. It is a separation of mineral ...
Offshore Energy and Minerals Management (OEMM) – Under the guidance of the 1953 Outer Continental Shelf Lands Act, the OEMM managed energy and mineral development in over 1.71 billion offshore acres of the Outer Continental Shelf (OCS) and annually disburses to the U.S. Treasury expected of $5 billion in minerals revenue in 2010.
the Mineral Leasing Act of 1920, 30 U.S.C. §§ 181 et. seq., [29] which made certain nonmetallic minerals, such as petroleum and oil shale, not open to claim staking; the Mineral Materials Act of 1947, 30 U.S.C. § 601, et. seq., [30] which provides for the sale or public giveaway of certain minerals, such as sand or gravel;