Why the US taxman came calling

The US Outer Continental Shelf is enshrined in a statute on “submerged lands”. These lands are defined variously as “lands beneath navigable waters” and “seabed and subsoil of submarine areas adjacent to US territorial waters, over which the US has clear jurisdiction”.

• Generally, the OCS begins three to nine miles from shore depending on the US state and extends 200 miles outwards, or farther if the continental shelf as defined extends beyond 200 miles.
• Increasing specialisation of deepwater exploration in...

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