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Oil and Gas Royalties: Royalty Relief Will Likely Cost the Government Billions, but the Final Costs Have Yet to Be Determined
The Dept. of the Interior is responsible for managing much of the nation's vast natural resources. Its agencies implement an array of programs intended to protect these precious resources for future generations while also allowing certain uses of them, such as oil and gas dev¿t. and recreation. Interior faces major mgmt. challenges in the following six areas: (1) Strengthening resource protection; (2) Strengthening the accountability of Indian and island community programs; (3) Improving fed. land acquisition and mgmt.; (4) Reducing Interior's deferred maintenance backlog; (5) Ensuring the accurate collection of royalties; and (6) Enhancing other revenue collections and financial assurances. Illustrations.
Oil and natural gas produced from federal leases generated over $6.5 billion in royalties in 2009. To verify that royalties are paid on the correct volumes of oil and gas, the Department of the Interior (Interior) verifies the quantity and quality of oil and gas, both onshore and offshore. This report assesses: (1) the extent to which Interior's production verification regulations and policies provide reasonable assurance that oil and gas are accurately measured; (2) the extent to which Interior's offshore and onshore production accountability inspection programs consistently set and meet program goals and address key factors affecting measurement accuracy; and (3) Interior's management of its production verification programs. Charts and tables.