Maritime Policy Exam #2
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Last updated 4:49 AM on 4/7/26
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56 Terms
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What is BOEM?
Bureau of Ocean Energy Management
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What does BOEM regulate?
All offshore oil production in the United States
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What department is BOEM part of?
Department of the Interior
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When was BOEM established?
2010
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What agency did BOEM replace?
Mineral Management Service
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What planning system does BOEM use for offshore leasing?
5-year leasing programs
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What do BOEM 5-year plans determine?
Size
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Is BOEM institutionally connected to other agencies?
Yes
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Which agencies are directly related to BOEM?
Bureau of Safety and Environmental Enforcement and Office of Natural Resources Revenue
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What does BOEM do in the oil and gas leasing process?
Develops 5-year leasing plans and oversees lease sales
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How are offshore lease plots structured?
9 square mile blocks
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Who can bid on offshore leases?
Qualified legal entities under U.S. law
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What must bidders be under U.S. law?
Legal entities
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What must the federal government receive from leases?
Fair market value
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Who determines fair market value?
BOEM
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When do companies begin paying royalties?
When drilling/production starts
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What is the typical royalty rate?
12%–18% depending on location
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What are royalty relief programs?
Programs that lower royalty rates to encourage production
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In what situations might royalty relief apply?
Deepwater
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What rights does a granted lease provide?
Right to explore
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How much do lease bids typically cost?
Low millions to hundreds of millions of dollars
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How long is the initial lease exploration period?
Up to 10 years
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What happens if oil or gas is discovered during the lease period?
Lease is extended as long as production continues
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What is paid during the exploration phase before production?
Annual rent
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Do companies pay royalties if they are not producing?
No
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What can trigger royalty suspensions?
Certain price thresholds
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What is MARAD?
Maritime Administration
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What does MARAD oversee?
Waterborne transportation in the United States
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What department is MARAD under?
Department of Transportation
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Since when has MARAD been under DOT?
1981
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What major fleet does MARAD operate?
National Defense Reserve Fleet
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Who does MARAD advise?
Secretary of Transportation
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What role does the Maritime Administrator serve in the U.S. Maritime Service?
Commandant
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What other leadership roles does the Maritime Administrator hold?
Director of National Shipping Authority and Chairperson of Maritime Subsidy Board
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How many maritime academies are there in the U.S.?
Seven
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Name the U.S. maritime academies.
SUNY Maritime; Texas A&M Maritime; California Maritime; Massachusetts Maritime; Maine Maritime; U.S. Merchant Marine Academy; Great Lakes Maritime Academy
