MMS amends oil valuation rule; draft gas rule pending

The US Department of the Interior's Minerals Management Service last month amended its federal oil valuation rule and said it plans to revise the gas royalty valuation soon.MMS officials said that the revised oil rule reflects changes in energy market conditions and trends. They also think the new rule will reduce industry lawsuits because the regulation clarifies past points of dispute such as transportation allowances.In its latest action, MMS switched from an index spot price benchmark to a valuation based on the New York Mercantile Exchange for oil sold between two related parties (nonarm's length contracts).The rule goes into effect July 6.In an interview May 5 on the sidelin...

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