Interior Department Announces Final Regulations To Ensure American Public Receives Every Dollar Due for Production of Oil, Gas & Coal on Public Lands
WASHINGTON, DC –(ENEWSPF)–June 30, 2016. As part of the overall effort to modernize the Nation’s energy regulations, the U.S. Department of the Interior today released final regulations that will improve valuation and revenue collection for the country’s mineral resources, ensuring Americans receive every dollar due for production of those resources on public lands and waters. Developed by Interior’s Office of Natural Resources Revenue (ONRR), the rule also provides the clarity and certainty for industry in determining the market value, for royalty purposes, of Federal oil and gas, and Federal and American Indian coal.
“These improvements were long overdue and urgently needed to better align our regulatory framework with a 21st century energy marketplace, offering a simpler, smarter, market-oriented process,” said U.S. Interior Secretary Sally Jewell. “As the steward of America’s oil, natural gas and coal production on public lands, Interior has an obligation – and is fully committed – to ensuring that the American taxpayer receives every dollar due for the production of these domestic energy resources.”