Senate Eyes Repeal Of Oil And Gas Incentives

Law360, New York (April 29, 2008, 12:00 AM EDT) -- Sen. Jeff Bingaman (D-N.M.) introduced a bill in the U.S. Senate Monday that would repeal certain oil and gas incentives under the Energy Policy Act of 2005, ending mandatory royalty relief in wells leased on the Outer Continental Shelf.

Introduced at the request of the Bush administration, Bill S. 2992 would repeal existing incentives for natural gas production from deep wells in shallow water of the Gulf of Mexico and royalty relief for deep water production in the Gulf of Mexico.

Under existing regulations, oil and...
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