Industry praises MMS plan to revamp oil valuation rule

Four oil and gas trade groups largely embraced a recent US Minerals Management Service proposal to retool its final oil valuation rule, saying the plan promotes clarity and will minimally impact royalty revenues to the federal government and oil-producing states.The Royalty Strategy Task Force, a coalition that includes the American Petroleum Institute, the Independent Petroleum Association of America, the Domestic Petroleum Council, and the US Oil and Gas Association submitted comments to the agency. The group collectively accounts for all royalties paid for oil production from federal lands, both on and offshore.Industry's generally positive view of MMS's changes was in sharp co...

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