Oil and Gas Royalty Management at DOI: Hearing Before the Committee on Energy and Natural Resources, United States Senate, One Hundred Tenth Congress, First Session, on Issues Relating to Oil and Gas Royalty Management at the Department of the Interior, January 18, 2007, Volume 4U.S. Government Printing Office, 2007 - 70 pages |
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$10 billion Answer audit and compliance barrels of oil believe benefits British thermal units Chairman collected Committee compliance review process Congress costs decision deep water leases Deep Water Royalty Department DEVANEY DWRRA e-mails Energy Policy Act Energy Security Act ensure ExxonMobile False Claims Act GAFFIGAN gas leases gas prices gas produced gas royalty going Gulf of Mexico identify impact of royalty implementing include price thresholds Interior investigation issued in 1998 January 18 JEFF BINGAMAN Johnnie Burton Kerr-McGee lease sales ment Minerals Management Service mistake MMS's natural gas negotiate offshore oil and gas omission Outer Continental Shelf percent production Question Qui Tam regulations responsible result royalty management royalty rates Royalty Relief Act royalty suspension volumes Senator CANTWELL Senator DOMENICI Senator LANDRIEU Senator MENENDEZ Senator SESSIONS Senator TESTER Senator WYDEN Solicitor taxpayers testimony Thank tions U.S. Senate Water Royalty Relief
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Page 18 - Chairman, this concludes my prepared statement. I would be pleased to respond to any questions that you or other Members of the Committee may have at this time.
Page 13 - Interior (Interior), created by the Congress in 1849, oversees and manages the nation's publicly owned natural resources, including parks, wildlife habitat, and crude oil and natural gas resources on over 500 million acres onshore and in the waters of the Outer Continental Shelf. In this capacity, Interior is authorized to lease federal oil and gas resources and to collect the royalties associated with their production. Onshore, Interior's Bureau of Land Management is responsible for leasing federal...
Page 20 - Committee, thank you for the opportunity to appear here today to discuss with you the Minerals Management Service's (MMS) alternative energy and alternate use program.
Page 65 - These standards place responsibility on the auditor and the audit organization to maintain independence so that opinions, conclusions, judgments, and recommendations will be impartial and will be viewed as being impartial by knowledgeable third parties.
Page 12 - Mr. Chairman and Members of the Committee: We appreciate the opportunity to participate in the Committee's hearing...
Page 22 - Act of 1995 required deep water leases issued from 1996-2000 to include a royalty incentive to allow companies to produce a set volume of oil and gas before they began paying royalties. Since enactment, the deep waters of the Gulf of Mexico have become one of the Nation's most important sources of oil and natural gas. Price thresholds limit royalty relief when oil and gas prices are high.
Page 11 - Act of 1992 (EPACT); the Outer Continental Shelf Deep Water Royalty Relief Act of 1995...
Page 12 - ... percent of all the oil and about 25 percent of all the natural gas produced in the United States in fiscal year 2005. Oil and gas companies that lease federal lands and waters agree to pay the federal government royalties on the resources extracted and produced from the lease. In fiscal year 2006, oil and gas companies received over $77 billion from the sale of oil and gas produced from federal lands and waters, and the Minerals Management Service (MMS), the Department of the Interior's (Interior)...
Page 2 - short of a crime, anything goes at the highest levels of the Department of the Interior.
Page 18 - Waiver, suspension or reduction of rental or minimum royalty. (a) In order to encourage the greatest ultimate recovery of oil or gas and in the interest of conservation, the Secretary of the Interior...