GAO says RIK needs more oversight at MMS

01/27/2003
A new General Accounting Office study recommends that the Minerals Management Service improve its management of the royalty-in-kind program.The independent auditing agency also recommends that MMS gather information to monitor and evaluate the program before it is expanded to include all oil and natural gas on federal lands."Without objectives to guide agency staff in the quantitative evaluation of the revenue impacts of RIK sales, MMS will be unable to determine whether RIK sales generate more or less revenue than traditional cash royalty payments; whether MMS obtains fair market value; and hence, whether it should convert the RIK pilots to an operational status," GAO said.Important reve...
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