US House panel studies proposal to alter federal leasing

06/08/2009
A legislative draft that would substantially change federal oil and gas leasing has been circulating around the US House Natural Gas Resources Committee since last May.The proposal by the committee’s majority would consolidate the US Bureau of Land Management and US Minerals Management Service, according to a copy that OGJ obtained on May 29. It would shorten lease periods from 10 to 5 years, increase onshore royalty rates to 18.75%, require diligent development of leases, and impose best management practices on new leases.Offshore, the proposed legislation would institute a “no discharge” requirement for new leases. It also would establish what the draft calls “a ...

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