U.S. independents unaware of set-aside rule

12/15/1997
As U.S. independent producers are becoming more active on the Outer Continental Shelf, they are only beginning to discover a program designed to help other U.S. independents-the small refiners. Since 1978, a federal law has mandated that every OCS lease require the leaseholder to offer 20% of the crude oil, condensate, and natural gas liquids production at market value to small refiners-those with capacity of 75,000 b/d or less. Known as Section 8(b)(7) of the Outer Continental Shelf Lands Act Amendments, the provision requires the same market valuation and point of sale delivery procedures as the leaseholder's current point of sale for its production, or the point of delive...
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