Federal oil and gas royalties : accuracy and verification issues / Alice Briggs, editor.

Format:

Book

Contributor:

Briggs, Alice, editor.

Series:

Energy policies, politics and prices series.

Energy policies, politics and prices.

Language:

English

Subjects (All):

Oil and gas leases--United States.

Oil and gas leases.

Petroleum law and legislation--United States.

Petroleum law and legislation.

United States.

Physical Description:

1 online resource (194 pages)

Place of Publication:

New York : Nova Publishers, 2015.

Summary:

"Production of oil and natural gas from leased federal lands and waters is a significant source of revenue for the federal government. The Government Accountability Office (GAO) has issued many reports on Interior's management of federal oil and gas resources, including its programs for verifying oil and gas production volumes and ensuring accurate royalty collections. These reports raised questions about whether the government was collecting all the revenue it was due and included 36 recommendations to strengthen royalty collection, among other things. In 2011, GAO added Interior's management of federal oil and gas resources to its list of programs at high risk of fraud, waste, abuse, and mismanagement. This book examines efforts Interior has taken since fiscal year 2009 and the reasonableness and completeness of Interior's royalty data"--Preface.

Contents:

FEDERAL OIL AND GAS ROYALTIES ACCURACY AND VERIFICATION ISSUES; FEDERAL OIL AND GAS ROYALTIES ACCURACY AND VERIFICATION ISSUES; Library of Congress Cataloging-in-Publication Data; CONTENTS ; PREFACE ; Chapter 1 OIL AND GAS RESOURCES: INTERIOR'S PRODUCTION VERIFICATION EFFORTS AND ROYALTY DATA HAVE IMPROVED, BUT FURTHER ACTIONS NEEDED* ; WHY GAO DID THIS STUDY ; WHAT GAO RECOMMENDS ; WHAT GAO FOUND ; ABBREVIATIONS ; BACKGROUND ; Interior's Oversight of Oil and Gas Resources ; Leasing and Permitting Process ; Leasing ; Permitting ; Oil and Gas Measurement

Interior's Production Accountability Inspection Programs Venting and Flaring of Natural Gas ; Prior Recommendations on Interior's Management of Federal Oil and Gas Resources ; INTERIOR HAS TAKEN STEPS TO IMPROVE VERIFICATION OF FEDERAL OIL AND GAS PRODUCTION AND THE REASONABLENESS AND COMPLETENESS OF ROYALTY DATA, BUT KEY CHALLENGES REMAIN ; Interior Has Made Considerable Progress in Improving the Verification of Federal Oil and Gas Production and the Reasonableness and Completeness of Royalty Data

Key Onshore Regulatory Updates Remain Incomplete, Reducing Assurances of Accurate Measurement and Verification Interior's Centralized Measurement Panel Provided a Useful Venue for Discussing Measurement Issues, but Management Support Has Declined ; Interior Issued New Onshore Commingling Guidance but Did Not Schedule or Complete an Internal Review to Assess Its Effectiveness after Implementation ; Interior's Ability to Meet Production Accountability Inspection Program Goals Is Uneven

Interior Came Close to Meeting Offshore Inspection Program Goals in the Gulf of Mexico and Is Implementing a Pilot Project on Measurement Inspections Interior Is Generally Not Meeting Onshore Inspection Goals and Has Implemented a New Risk-Based Production Accountability Inspection Strategy ; CONCLUSION; RECOMMENDATIONS FOR EXECUTIVE ACTION ; AGENCY COMMENTS AND OUR EVALUATION ; APPENDIX I: RECOMMENDATION STATUS ; APPENDIX II: COMPLETENESS AND REASONABLENESS OF INTERIOR'S ROYALTY DATA ; Process for Making Royalty Calculations and Payments

Since Fiscal Year 2009 Payor-Reported Royalty Data Are More Complete Payor-Reported Royalty Data Appear More Reasonable ; Implicit Royalty Rates Appear More Reasonable ; Additional Controls Added to Examine Potentially Erroneous Implicit Sales Prices; RELATED GAO PRODUCTS ; End Notes ; Chapter 2 OIL AND GAS MANAGEMENT: INTERIOR'S OIL AND GAS PRODUCTION VERIFICATION EFFORTS DO NOT PROVIDE REASONABLE ASSURANCE OF ACCURATE MEASUREMENT OF PRODUCTION VOLUMES* ; WHY GAO DID THIS STUDY ; WHAT GAO RECOMMENDS ; WHAT GAO FOUND ; ABBREVIATIONS ; BACKGROUND ; Leasing ; Permitting

Royalty Payments to the Federal Government

Notes:

Includes index.

Description based on print version record.

ISBN:

1-63483-839-4