Lease practices, bonding requirements and royalty rates on the table in planned revision
FRISCO — The federal government wants to update rules governing oil and gas royalty rates and other financial aspects of oil and gas development on public lands.
In a rule-making notice to be published in the Federal Register this week, the Department of Interior said it will take public comment on rental payments, lease sale minimum bids, civil penalty caps and financial assurances for oil and gas operations.
“It’s time to have a candid conversation about whether the American taxpayer is getting the right return for the development of oil and gas resources on public lands,” Interior Secretary Jewell, said in a statement. Continue reading
Filed under: BLM, energy, Environment, federal government, fracking, gas drilling, oil drilling, public lands | Tagged: BLM, Department of Interior, federal oil and gas royalty rates, oil and gas drilling. public lands, public lands lease rates, Sally Jewell | Leave a comment »