MMS issues final production, royalty reporting rules

March 27, 2008
The US MMS published Mar. 26 amended final regulations for reporting production and royalties of oil, gas, coal, and geothermal resources from federal and Native American lands.

Nick Snow
Washington Editor

WASHINGTON, DC, Mar. 27 -- The US Minerals Management Service published on Mar. 26 amended final regulations for reporting production and royalties of oil, gas, coal, and geothermal resources from federal and Native American lands.

The new rules are designed to align the reports with current MMS business practice, MMS said. They reflect changes implemented after the agency's financial systems were largely reengineered in 2001, as well as other changes required by law, it said.

Among other changes, the new rules align regulations with updated reporting forms, eliminate references to forms and codes that no longer apply, update other references, and move up the due date for production reports submitted electronically.

They also clarify the requirement for reporting production inventory, eliminate references to some electronic reporting options that no longer exist, and clarify the reporting requirement for taxpayer identification numbers, MMS said.

The new rules will take effect in 30 days, it said.

Contact Nick Snow at [email protected].