Senate Panel Hears Testimony On Oil Royalties

Law360, New York (February 13, 2007, 12:00 AM EST) -- Oil companies have been dragging their feet in renegotiating offshore leases that omitted billions of dollars in royalties because lawmakers are still weighing whether to pass legislation on the issue, an assistant interior department secretary told a Senate subcommittee on Tuesday.

Stephen Allred, the assistant secretary for land and minerals management at the U.S. Department of the Interior, told the Senate Appropriations Subcommittee on Interior and Related Agencies that the renegotiation of the offshore oil and gas leases, signed in 1998-1999, is not progressing because companies...
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