MMS issues deep-well, shallow-water royalty relief rule

02/02/2004
The US Department of the Interior's Minerals Management Service Jan. 26 expanded offshore royalty relief to existing US Outer Continental Shelf (OCS) production that comes from deep wells in shallow water depths."Since infrastructure and lease-specific facilities are already in place, the [OCS] is one of the best available sources for additional near-term domestic natural gas supply to meet the nation's needs," said Johnnie Burton, MMS director. "We believe the incentives offered in this rule will spur industry to explore and produce these deep, undiscovered resources."MMS estimates 2,400 wells are eligible for the royalty break.MMS said it will give leaseholders a royalty suspens...
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