IPAA, API, and NOIA Joint Comments to the Office of Natural Resources Revenue on its Proposed Rule to Amend Federal Oil and Gas Valuation Regulations

IPAA, API, and NOIA Joint Comments to the Office of Natural Resources Revenue on its Proposed Rule to Amend Federal Oil and Gas Valuation Regulations

Dear Mr. Southall: On January 6, 2015, the Office of Natural Resources Revenue (ONRR) issued a Proposed Rule entitled “Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Reform.” This rule would significantly alter regulations applicable to gas valuation for royalty reporting and payment by oil and gas lessees (and other lessees) on federal lands onshore and on the Outer Continental Shelf (OCS). It also would materially amend the corresponding regulations governing oil valuation last overhauled in 2000. The American Petroleum Institute (API), the Independent Petroleum Association of America (IPAA), and the National Ocean Industries Association (NOIA) appreciate the opportunity to submit comments on this Proposed Rule.

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