MMS to extend comment period for oil valuation proposal

The US Minerals Management Service Sept. 15 said it will extend the comment period on its proposal to amend controversial oil valuation rules.MMS Aug. 20 proposed industry-supported changes to its 2000 oil valuation rule that the agency characterized as only technical adjustments. MMS had planned to issue a final rule in mid-October, but concerns from state royalty interests including California and Texas, along with some members of Congress, changed that ambitious timetable (OGJ, Sept. 8, 2003, p. 26).An MMS spokesperson said a new 30-day comment period was expected to start by Sept. 22; the exact date depended on when the notice is published in the Federal Register.Nick Rahall (D-W.Va.)...

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