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Every 5 years, the fed. gov¿t. decides the areas in the offshore waters of the U.S. it will offer for leasing and establishes a schedule for individual lease sales, conducted by the Minerals Mgmt. Service. It¿s failure to include price thresholds on leases issued in 1998 and 1999 would likely cost the fed. gov¿t. billions of dollars in forgone royalties. This report: illustrates the potential loss of royalties because of the absence of price thresholds in leases issued in 1998 and 1999; and provides an update of the possible consequences of Kerr-McGee¿s legal challenge on royalties already collected and evaluates the potential for additional forgone royalties if price thresholds no longer apply to future production from the 1996, 1997, and 2000 DWRRA leases.
Mexico has large extractive industries and it traditionally has raised sizable fiscal revenues from the oil and gas sector. A confluence of factors—elevated commodity prices, financial challenges of the state-owned oil company Pemex, and revenue needs for financing social and public investment spending over the medium term—suggest that a review of Mexico’s taxation regimes for natural resources would be opportune, against the backdrop of a comprehensive approach to tackling Mexico’s challenges. This paper identifies opportunities for redesigning mining taxation to increase somewhat the revenue intake while maintaining the favorable investment profile of the sector. It also discusses recent reforms to the oil and gas fiscal regime and future reform considerations, with attention to the attractiveness of investment on commercial terms—an issue that should be placed in the context of an overall reform of Pemex’s business strategy and possibly of the energy sector more generally.
“A rare, honest, beautiful, and, yes, sometimes heartbreaking examination of the echoes of water-powered natural gas drilling—or fracking—in the human community . . . vivid, personal and emotional.”—Minneapolis Star Tribune Susquehanna County, in the remote northeastern corner of Pennsylvania, is a community of stoic, low-income dairy farmers and homesteaders seeking haven from suburban sprawl—and the site of the Marcellus Shale, a natural gas deposit worth more than one trillion dollars. In The End of Country, journalist and area native Seamus McGraw opens a window on the battle for control of this land, revealing a conflict that pits petrodollar billionaires and the forces of corporate America against a band of locals determined to extract their fair share of the windfall—but not at the cost of their values or their way of life. Rich with a sense of place and populated by unforgettable personalities, McGraw tells a tale of greed, hubris, and envy, but also of hope, family, and the land that binds them all together. “To tell a great story, you need a great story. Seamus McGraw . . . has lived a great story. . . . [He] is just one of its many characters—very real characters—caught up in a very human story in which they must make tough, life-altering decisions for themselves, their community, and ultimately their country.”—Allentown Morning Call “Compelling . . . The End of Country is like a phone call from a close friend or relative living smack-dab in the middle of the Pennsylvania gas rush. . . . Anyone with even a passing interest in the [fracking debate should] read it.”—Harrisburg Patriot-News “This cautionary tale should be required reading for all those tempted by the calling cards of easy money and precarious peace of mind.”—Tom Brokaw “A page-turner . . . McGraw brings us to the front lines of the U.S. energy revolution to deliver an honest and humbling account that could hardly possess greater relevance.”—The Humanist
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.
This book discusses the history of royalties and the types currently in use, covering issues such as tax administration, revenue distribution and reporting. It identifies the strengths and weaknesses of various royalty approaches and their impact on production decisions and mine economics. A section on governance looks at the management of mining revenue by governments and the need for transparency. There is an attached CD with examples of royalty legislation from over 40 countries.