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API Welcomes Repeal of Uncertain, Harmful ONRR Valuation Rule

Source: www.gulfoilandgas.com 3/24/2017, Location: North America

API Upstream and Industry Operations Group Director Erik Milito welcomed the Interior Department’s Office of Natural Resources Revenue (ONRR) plan to repeal its regulation on valuing royalties from oil and natural gas produced on public lands due to the rule’s lack of certainty, clarity and consistency.

“Federal lands hold great potential when it comes to safely developing our nation’s energy resources and securing our future energy needs,” said Milito. “Certainty and fairness in the leasing process is a critical part of ensuring consumers and businesses can benefit from domestic energy production, which is why we are pleased that ONRR recognizes the substantial burdens and potential legal flaws associated with this rule. It’s lack of clarity and certainty would stifle energy production on federal lands instead of fostering oil and natural gas production, which benefits American consumers and strengthens our national security.

“The oil and natural gas industry is committed to safely developing the resources that fuel our economy and to paying our fair share in royalties. Over the past 10 years, royalty payments from our industry have brought in $80 billion to the federal government. Expanding opportunities for oil and natural gas development on federal lands would provide potential for greater revenues for the country.

“With more than 80 percent of voters supporting increased development of U.S. oil and natural gas, it’s important we continue working with the administration and Congress on forward-looking policies that support America’s energy renaissance and help our nation meet its energy needs.”

API filed a lawsuit challenging ONRR’s royalty valuation rule in December 2016. ONRR stated in its court filing yesterday that it intends to repeal the rule “because they have concluded that several provisions of the 2017 Rule do not meet its policy and implementation objectives of offering greater simplicity, certainty, clarity, and consistency in mineral valuation and reporting.”

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.

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