Promotion of Development, Reduction of Royalty Rates for Stripper Well and Heavy Oil Properties

Resumo

The Bureau of Land Management (BLM) is removing portions of two regulations in order to characterize accurately the current status of two programs that have been terminated. In the past, the programs reduced royalty rates for stripper well properties and for heavy oil properties, so that Federal lessees would have incentives to keep economically marginal oil wells in production. This rule provides for record retention and correction of errors in calculation of royalties requirements that enable the Office of Natural Resources Revenue (ONRR) to continue to verify that royalties associated with past production were correctly paid.