GAO: Oil, gas, NGLs provide bulk of federal mineral revenue

Crude oil, natural gas, and natural gas liquids provided the vast majority of federal mineral leasing revenue in fiscal 2011 and 2012, the Government Accountability Office reported.

Oil, gas, and NGLs produced $10.1 billion—largely from royalties—of the $11.3 billion received from federal mineral leases in 2010 and $11.4 billion received in 2011, it said in a report that it publicly released on Dec. 12.

GAO said its analysts used data compiled by the US Department of the Interior’s Office of Natural Resources Revenue. It showed that the government collected $5.4 billion of royalties from 739 million bbl of crude produced from federal onshore, offshore, and Indian tribal leases in the 12 months ended Sept. 30, 2010, and $6.6 billion from 645.6 million bbl of production in the same period a year later.

Federal gas royalties totaled $2.8 billion on more than 5.4 bcf of production in 2010 and $2.4 billion on nearly 4.9 bcf produced in 2011, according GAO. It said royalties from NGL production from federal leases totaled $400 million on 4.8 billion gal in 2010 and $600 million on 4.7 billion gal in 2011.

Contact Nick Snow at nicks@pennwell.com.

Related Articles

PNR head urges DOC to issue condensate export permits to others

10/15/2014 The head of an independent oil and gas company that in late June received one of the first two federal approvals to export condensate urged the US ...

AMP acquires Costar Midstream for $470 million

10/15/2014 American Midstream Partners LP (AMP), Denver, has acquired Costar Midstream LLC from Energy Spectrum Partners VI LP and Costar management for $470 ...

Mountaineer Keystone adds Marcellus assets

10/15/2014 Mountaineer Keystone Energy LLC, Pittsburgh, has completed the acquisition of equity interests in PDC Mountaineer LLC, a 50-50 joint venture PDC En...

Russia likely to remain important European gas supplier, report says

10/15/2014 Europe’s natural gas supply mix likely won’t change much without drastic policy interventions despite recent renewed concern over instability in Uk...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected