Industry reacts to US royalty rule revisions

The US Minerals Management Service has issued a revised oil royalty reform rule that gives industry some, but not all, of the changes it had requested.The changes included: adding language to resolve industry objections about MMS "second-guessing" a sale under an arm's-length contract; ensuring MMS could issue binding-value determinations; changing the definition of producer's affiliate because of a judicial decision; changing the way transportation costs are calculated; and eliminating MMS-published differentials and the proposed Form MMS-4415 (OGJ, Jan. 3, 2000, Newsletter).MMS said an updated economic analysis concluded the rule would increase royalty collections by $67.3 milli...

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