Interior Dept. Keeps Tabs on Offshore Oil Profits
Published Date: 4/9/2026
Notice
Summary
The Office of Natural Resources Revenue wants to keep collecting info from companies that share profits from oil and gas leases on the Outer Continental Shelf. This helps make sure the U.S. gets the right payments. If you have thoughts, you’ve got until June 8, 2026, to speak up!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Mandatory capital accounts and reporting
If you hold an Outer Continental Shelf Net Profit Share Lease (NPSL), you must create and maintain a capital account for each lease and file reports with ONRR. You must file annual reports until production revenues are credited, then file monthly reports that include production volume and disposition, production revenue, all costs and credits to the NPSL capital account, the account balance, the net profit share base and payment due, and the lessee's monthly profit share.
Inventory requirements every 3 years
NPSL lessees must take inventories of equipment, apparatus, and supplies at reasonable intervals not to exceed three years, notify BOEM of intent to take the inventory so BOEM can be represented, reconcile the physical inventory with the capital account, and file an inventory report and lists of overages or shortages for audit.
Recordkeeping, inspections, and audits
NPSL lessees must establish and maintain records related to the lease and allow ONRR to inspect those records during normal business hours and to audit accounts related to NPSL operations. Nonoperators must notify ONRR of an audit call so ONRR can choose to join the nonoperator's audit team.
Small estimated paperwork burden and comment deadline
ONRR estimates this information collection affects 3 annual respondents with 3 total annual responses, totaling 9 annual burden hours (3 hours per response). The collection is mandatory (OMB Control No. 1012-0009) and the public comment deadline is June 8, 2026.
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Key Dates
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