§1338a Moneys Received as a Result of Forfeiture by Outer Continental Shelf Permittee, Lessee, or Right-of-way Holder; Deposits and Transfers to Decommissioning Account; Return of Excess Amounts

Summary

Money from a forfeited bond or other security held by an Outer Continental Shelf permittee, lessee, or right-of-way holder — or from a related bankruptcy settlement — must go into a special Treasury account for decommissioning work. The Bureau of Ocean Energy Management can use that money without extra approvals or yearly limits to pay for improvements, protection, repairs, or decommissioning caused by the failure. The funds stay available until spent. The Bureau of Safety and Environmental Enforcement can also get money from the account. Any such funds now in the Ocean Energy Management account must be moved into the decommissioning account. If more money is collected than needed to do the work, or more than the civil penalty when the bond was forfeited for failing to pay a penalty, the extra must be returned to the bankruptcy estate or to the permittee, lessee, or right-of-way holder.