; and (B) specify in each offshore aquaculture permit the duration, size, and location of the offshore aquaculture facility. (3) Statutes and regulations Offshore aquaculture permits are subject to this Act, regulations promulgated pursuant thereto, and other statutes and regulations in existence upon the effective date of the permit. When promulgating regulations, the Secretary shall indicate whether and to what extent the regulations apply to existing offshore aquaculture permits. (e) Duration (1) In general Except as provided in paragraph (2), an offshore aquaculture permit shall have an initial 15-year duration, and may be renewed subject to the terms of this Act. (2) Exceptions (A) Aquaculture opportunity areas A permit issued for offshore aquaculture to be conducted in an aquaculture opportunity area as provided in section 102 shall have an initial 25-year duration. (B) Outer continental shelf The Secretary shall develop the duration of an offshore aquaculture permit subject to subsection (o)(1), in consultation with the Secretary of the Interior, except that the permit shall expire not later than the date that the lessee or the lessee’s operator submits, to the Secretary of the Interior, a final application for the decommissioning and removal of an existing facility upon which an offshore aquaculture facility is located. (f) Transfer A permit may be transferred as provided under this subsection, provided that the permit is still valid, and has not been amended due to emergency circumstances. To propose a transfer, a permittee shall submit an application to the Secretary, and the Secretary shall review and make a determination of whether to approve, deny, or request additional information not later than 60 days after the date of receipt of the application. The application shall include— (1) notice to the Secretary of the intention to transfer; (2) the reason for the transfer; (3) the identity of the transferee, and whether the transferee holds, has held, or is applying for a permit under this Act