DOI Seeks To Streamline Oil Royalty Regulations

Law360, New York (May 24, 2011, 2:09 PM EDT) -- The U.S. Department of the Interior said Tuesday that it planned to overhaul and streamline the regulations that determine royalty payments on oil and natural gas produced offshore and on federal lands.

Secretary of the Interior Ken Salazar said he wanted to replace the current regulations, which are complex and transaction-specific, with a "simpler, smarter" process that will be less burdensome to both industry and the government. The new proposed rules would rely on geographically based market prices.

“Regulations that were initially developed in the 1980s...
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