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WATCHING GOVERNMENT: A deepwater royalty storm
11/26/2007
Many members of Congress already were upset over the absence of price thresholds from federal deepwater leases issued in 1998 and 1999 under which royalties were not paid. Then a federal district court in Louisiana triggered a fresh political storm.The court ruled in the Kerr-McGee Corp. lawsuit challenging deepwater royalties on Oct. 30 that passage of the Outer Continental Shelf Deepwater Royalty Relief Act in 1995 eliminated the US Department of the Interior’s discretion to enact a price threshold requirement that applies to volumes below the minimum volume of royalty-free production.Officials from the administration of President George W. Bush immediately disagreed. “If th...
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