MMS proposes changes to federal oil royalty rules

The US Minerals Management Service Aug. 22 proposed industry-supported changes to its 2000 oil valuation rule that the agency said it considers to be technical rather than philosophical in nature."The existing rule was published in 2000, and though it does provide the federal government and lessees with a fair return on federal resources, our 3 years of experience with the rule prompted us to review some technical issues such as transportation costs and price indices used in valuing oil from federal leases," said MMS Director Johnnie Burton.The proposal is on a regulatory fast track. Comments are due Sept. 19, and MMS said it hopes to issue a final rule less than 2 weeks later, in October...

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