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.

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