Oil and Gas Royalties: The Federal System for Collecting Oil and Gas Revenues Needs Comprehensive Reassessment
In FY 2007, domestic and foreign co. received over $75 billion from the sale of oil and gas produced from fed. lands and waters. These co. paid the fed. gov┐t. $9 billion in royalties for this dev┐t. The gov┐t. also collects other revenues, and the sum of all revenues received is referred to as the ┐gov┐t. take (GT).┐ The terms and conditions under which the gov┐t. collects these revenues are referred to as the ┐oil and gas fiscal system (OGFS).┐ This report: (1) evaluates GT and the attractiveness for investors of the fed. oil and gas fiscal system; (2) evaluates how the absence of flexibility in this system has led to large foregone revenues; and (3) assesses what has been done to monitor the performance and appropriateness of the OGFS. Illustrations.
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Alberta American Petroleum Institute Appendix appropriate attractive place Baker Hughes billion bonus bids Burlington Resources changing market conditions Comments from Department compared comprehensive review Congress ConocoPhillips deep water U.S. draft report exploration and development fair market value fair return federal fiscal system federal government federal leases fiscal terms foregone revenues gas companies gas fiscal system gas industry gas investment gas leases gas prices gas production gas regions gas resources gas revenues Gulf of Mexico industry experts industry profits Interior’s comments Interior’s ongoing study Kerr-McGee lands and waters leases issued Mexico ranked Minerals Management Service offshore oil and gas onshore leases Outer Continental Shelf percent place to invest price thresholds Public rates of return re-evaluating received royalty relief recent recommendations resource owners return on investment risk royalty rate increases share of revenues taxes U.S. government take U.S. oil United water U.S. Gulf windfall profits taxes Wood Mackenzie study