Sunday, February 5, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Industry

Land management bureau alters guidance for oil and gas royalty cuts

June 18, 2020
in Industry
Land management bureau alters guidance for oil and gas royalty cuts
Share on FacebookShare on Twitter


The Bureau of Land Management (BLM) has changed its guidance for companies that want to see their royalty payments for oil and gas leases reduced, prompting questions from Democrats. 

Latest Oil MArket NewsPosts

The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress

Key to data management in oil and gas is stability

Hamm says oil industry needs ‘sound economics’ rather than another boom

The bureau’s prior guidance, issued in April, stated that companies applying for royalty relief on leased federal lands had to show that leases are “uneconomic at the current royalty rate, but would be economic with a royalty rate reduction.”

The new guidance, however, requires only that the leases are “uneconomic at the current royalty rate.”

Democrats, in a letter to the Interior Department, which oversees the BLM, argue that this change puts the bureau in violation of the Mineral Leasing Act, which gives the department the authority to grant royalty relief if applicants show “that a reduction of that rate is necessary to promote development of the lease.”

“By removing the requirement that companies show that royalty reduction is necessary to develop the lease, BLM is not subjecting applicants to the standard needed to comply with the Mineral Leasing Act,” said the letter from Democratic Reps. Raúl Grijalva (Ariz.), Alan LowenthalAlan Stuart LowenthalPolice unions face lobbying fights at all levels of government House members race to prepare for first-ever remote votes Tlaib, Lowenthal pen op-ed asking Trump administration to release aid to Palestinians to fight COVID-19 MORE (Calif.) and Mike Levin (Calif.). 

“This subverts one of the sole arguments for the public benefit of reducing royalties: that the royalty reduction is necessary to enable the lease to continue producing,” they wrote. “Under the new guidance, all companies would be eligible for near-zero royalties whenever the price of oil goes below a certain point. This is a ludicrous outcome that provides an extremely generous subsidy to the oil and gas industry while robbing taxpayers and states of valuable revenue.”

The lawmakers also asked the agency several questions including about when the guidance was changed, in addition to other questions about its leasing policies. 

The BLM, in a statement to The Hill, disagreed with the lawmakers’ interpretation of the Mineral Leasing Act. 

“Neither the MLA nor the regulations require a BLM determination that a royalty reduction renders a lease to be economic,” the agency said, adding that the new guidance “clarifies and more closely aligns with the statutory and regulatory standards.”

“Career experts at the Bureau approving of some of these applications for only up to 60 days has been in the best interest of conservation and encourages the greatest ultimate recovery of our natural resources,” the agency said. 

The original guidance was issued in April after some in the oil and gas industry asked the administration to reduce the rates they were paying to lease land from the federal government for oil and gas development amid low prices related to the coronavirus pandemic.

The Interior Department declined to issue a wholesale royalty cut, but instead said that companies who wanted royalty rates should apply for…



Read More: Land management bureau alters guidance for oil and gas royalty cuts

Tags: Alan LowenthalaltersBLMbureauBureau of Land ManagementcutsGasguidanceLandmanagementmike levinoiloil and gas leasingroyaltyroyalty relief

Related Posts

The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress
Industry

The Fed’s Oil and Gas Bailout Is a Mistake – Center for American Progress

by Oil Market
July 31, 2020
0

Introduction and summary The coronavirus pandemic and the necessary public health response have significantly decreased U.S. economic activity, placing...

Read more
Key to data management in oil and gas is stability
Industry

Key to data management in oil and gas is stability

by Oil Market
July 30, 2020
0

Data management in oil and gas has been crucial for decades, and organizations unwilling to adopt the best practices...

Read more
Hamm says oil industry needs ‘sound economics’ rather than another boom
Industry

Hamm says oil industry needs ‘sound economics’ rather than another boom

by Oil Market
July 29, 2020
0

Hamm also touched on the threat climate change activism poses to the oil and gas industry, saying that "we...

Read more
Oil and Gas Expert Think Tank Made 5 Business Model Predictions Which Will
Industry

Oil and Gas Expert Think Tank Made 5 Business Model Predictions Which Will

by Oil Market
July 28, 2020
0

VANCOUVER, BC / ACCESSWIRE / July 28, 2020 / The world has changed dramatically since December 2019 due to...

Read more
Webinar at 12PM: Oil & gas at a digital tipping point
Industry

Webinar at 12PM: Oil & gas at a digital tipping point

by Oil Market
July 27, 2020
0

Make sure to register and attend our webinar, "Oil & gas at a digital tipping point" today at 12PM to...

Read more
Time to end tax holiday for oil, gas industry
Industry

Time to end tax holiday for oil, gas industry

by Oil Market
July 26, 2020
0

As a Montanan, I know how important both the environment and the energy industry are to our state. However,...

Read more
Next Post
$190 oil sounds crazy. But JPMorgan thinks it’s possible, even after the

$190 oil sounds crazy. But JPMorgan thinks it's possible, even after the

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Poland to Merge Four Energy Groups with Aim to Make International Player

Poland to Merge Four Energy Groups with Aim to Make International Player

3 years ago
US judge temporarily closes controversial oil pipeline

US judge temporarily closes controversial oil pipeline

3 years ago
Oil extraction plant in Srinagar helps floriculturists boost their income –

Oil extraction plant in Srinagar helps floriculturists boost their income –

3 years ago
Olive Oil Market Analysis, Trends, Top Manufacturers, Share, Growth,

Fish Oil DHA Powder Market Have High Growth But May Foresee Even Higher

3 years ago
Enverus rolls out software to support oil, gas operators

Enverus rolls out software to support oil, gas operators

3 years ago
2020-2026 Mould Release Oil Market Segmented By Manufacturers, Region, Type

2020-2026 Mould Release Oil Market Segmented By Manufacturers, Region, Type

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com