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Royalty-in-kind program : MMS does not provide reasonable assurance it receives its share of gas, resulting in millions in forgone revenue : report to congressional requesters.
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- Book
- Government document
- Author/Creator:
- United States. Government Accountability Office
- Language:
- English
- Subjects (All):
- United States. Minerals Management Service--Rules and practice--Evaluation.
- United States.
- United States. Minerals Management Service.
- Petroleum industry and trade--United States.
- Petroleum industry and trade.
- Oil and gas leases--United States.
- Oil and gas leases.
- Genre:
- Rules and practice.
- Physical Description:
- 1 online resource (ii, 40 pages) : illustrations
- Other Title:
- MMS does not provide reasonable assurance it receives its share of gas, resulting in millions in forgone revenue
- Place of Publication:
- [Washington, D.C.] : U.S. Govt. Accountability Office, [2009]
- Summary:
- Companies that develop and produce oil and gas from federal lands and waters are required to report their production volumes and other data to the Department of the Interior's (Interior) Minerals Management Service (MMS) and to pay royalties either in value (cash) or in kind (oil or gas). In fiscal year 2008, MMS estimated that it had collected more than $2.4 billion in royalty-in-kind (RIK) gas. It is important that MMS ensure that it receives the RIK gas to which it is entitled. The difference between the RIK gas owed, MMS's entitled percentage of gas, and the percentage it actually receives is referred to as a "gas imbalance." GAO was asked to evaluate the extent to which MMS can provide reasonable assurance that it is accurately identifying and collecting RIK gas imbalances in a timely fashion. GAO analyzed MMS documents and data, documentation of industry standards, and interviewed MMS and industry officials. GAO is making seven recommendations to the Secretary of the Interior to help MMS improve the accurate and timely identification and collection of RIK gas imbalances.
- Notes:
- Title from cover screen (GAO, viewed Sept. 26, 2009).
- "August 2009."
- Includes bibliographical references.
- "GAO-09-744."
- OCLC:
- 440372961
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