Valuation
of Oil from Federal and Indian Leases
Notice of Proposed Rulemaking
(60 FR 65610--December 20, 1995) |
Summary:
In response to changes in the oil and gas
industry and the marketplace, the Minerals Management Service
(MMS) is considering amending its regulations regarding the
valuation of crude oil produced from or allocated to federal and
Indian leases. Most federal and Indian leases provide that the
value of production for royalty purposes be determined by the
Secretary. This notice is intended to solicit comments on new
methodologies to establish the royalty value of oil produced
from federal and Indian leases. MMS specifically seeks comments
on the use of crude oil posted prices as a means to value oil
not sold under arm’s-length conditions, and the meaning and
application of the term ‘‘significant quantities’’.
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