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The Bureau of Land Management (BLM) is an agency within the United States Department of the Interior responsible for administering U.S. federal lands. Headquartered in Washington, D.C., the BLM oversees more than 247.3 million acres (1,001,000 km2) of land, or one-eighth of the United States's total landmass.
A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such, but there are also other modes and metrics of compensation. A royalty interest is the right to collect a stream of future royalty payments.
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth's crust using petroleum geology.
The Minerals Management Service (MMS) was an agency of the United States Department of the Interior that managed the nation's natural gas, oil and other mineral resources on the outer continental shelf (OCS).
The question of whether to drill for oil in the Arctic National Wildlife Refuge (ANWR) has been an ongoing political controversy in the United States since 1977. As of 2017, Republicans have attempted to allow drilling in ANWR almost fifty times, finally being successful with the passage of the Tax Cuts and Jobs Act of 2017.
The Mineral Leasing Act of 1920 30 U.S.C. § 181 et seq. is a United States federal law that authorizes and governs leasing of public lands for developing deposits of coal, petroleum, natural gas and other hydrocarbons, in addition to phosphates, sodium, sulfur, and potassium in the United States. Previous to the act, these materials were subject to mining claims under the General Mining Act of 1872.
Mineral rights are property rights to exploit an area for the minerals it harbors. Mineral rights can be separate from property ownership. Mineral rights can refer to sedentary minerals that do not move below the Earth's surface or fluid minerals such as oil or natural gas. There are three major types of mineral property: unified estate, severed or split estate, and fractional ownership of minerals.
The California Department of Conservation is a department within the government of California, belonging to the California Natural Resources Agency. With a team of scientists, engineers, environmental experts, and other specialists, the Department of Conservation administers a variety of programs vital to California's public safety, environment and economy. The department's mission is to manage California's working lands. It regulates oil, natural gas and geothermal wells; studies and maps earthquakes and other geologic phenomena; maps and classifies areas containing mineral deposits; ensures reclamation of land used for mining; and administers agricultural and open-space land conservation programs. A division within the department dedicated to encouraging beverage container recycling has been moved into the newly created Department of Resources Recovery and Recycling (CalRecycle). Despite the similar name, the Department of Conservation should not be confused with the California Conservation Corps, another department within the Natural Resources Agency, which provides work experience for young adults. The Department of Conservation often collaborates with its federal equivalents, such as the U.S. Geological Survey.
Depletion is an accounting and tax concept used most often in the mining, timber, and petroleum industries. It is similar to depreciation in that it is a cost recovery system for accounting and tax reporting: "The depletion deduction" allows an owner or operator to account for the reduction of a product's reserves.
The Dabney Oil Syndicate refers to a number of petroleum-drilling enterprises in California involving Joseph B. Dabney and his associates.
BP America Production Co. v. Burton, 549 U.S. 84 (2006), was a United States Supreme Court case about whether a statute of limitations on government actions for contract claims applies to actions by a federal administrative agency to recover royalties on federal oil and gas leases. After two members recused themselves, the court ruled unanimously that it does not apply, in an opinion by Justice Samuel Alito.
Oil and gas law in the United States is the branch of law that pertains to the acquisition and ownership rights in oil and gas both under the soil before discovery and after its capture, and adjudication regarding those rights.
The United States Deep Water Royalty Relief Act (DWRRA) implemented a royalty-relief program that relieves eligible leases from paying royalties on defined amounts of deep-water petroleum production over Federal Outer Continental Shelf lands. After its expiration in 2000, the DWRRA was redefined and extended to promote continued interest in deep water. The Minerals Management Service (MMS) defines a "deep-water" lease as having a minimum water depth of 200 meters.
Offshore oil and gas in the United States provides a large portion of the nation’s oil and gas supply. Large oil and gas reservoirs are found under the sea offshore from Louisiana, Texas, California, and Alaska. Environmental concerns have prevented or restricted offshore drilling in some areas, and the issue has been hotly debated at the local and national levels.
Offshore oil and gas in the Gulf of Mexico is a major source of oil and natural gas in the United States. The western and central Gulf of Mexico, which includes offshore Texas, Louisiana, Mississippi, and Alabama, is one of the major petroleum-producing areas of the United States. Oil production from US federal waters in the Gulf of Mexico reached an all-time annual high of 1.65 million barrels per day in 2017. Oil production is expected to continue the upward trend in 2018 and 2019, based on ten new oil fields which are planned to start production in those years. According to the Energy Information Administration, "Gulf of Mexico federal offshore oil production accounts for 15% of total U.S. crude oil production and federal offshore natural gas production in the Gulf accounts for 5% of total U.S. dry production."
Libya's Petroleum Law No. 25 of 1955 was the law of Libya which authorised the allocation of land to individual oil prospectors, and the drilling of oil wells. It followed the Minerals Law of 1953, which established a system for obtaining permits to survey for petroleum. Despite the multiple changes of government and legal framework since its enactment, As of 2007 it remained in effect. It does not contain any provisions for natural gas drilling. In the 2000s, the Libyan government began work on drafting a new petroleum law.
The North Dakota oil boom was the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of Parshall Oil Field in 2006, and peaked in 2012, but with substantially less growth noted since 2015 due to a global decline in oil prices.
The Foundation for Natural Resources and Energy Law, formerly Rocky Mountain Mineral Law Foundation, is an educational, non-profit organization dedicated to the scholarly and practical study of all aspects of natural resources and energy law.
State trust lands were granted by the United States Congress to states upon entering the Union. These lands were designated to support essential public institutions which are primarily public schools. State trust land managers lease and sell these lands to generate revenue for current and future designated beneficiaries. Predominantly found in the western United States, 46 million acres of land are currently designated as trust lands and the proceeds from the lease and sale of these lands are distributed into a state's permanent fund and used for many purposes.
The petroleum fiscal regime of a country is a set of laws, regulations and agreements which governs the economical benefits derived from petroleum exploration and production. The regime regulates transactions between the political entity and the legal entities involved. A commercial or legal entity in this context is commonly an oil company, and two or more companies may establish partnerships to share economic risks and investment capital.
References
- ↑ "Glossary | Practical Law". content.next.westlaw.com. Retrieved 2024-04-23.
- ↑ 1 - NADOA 2021 Institute - Advanced ORRI.pdf
- ↑ Working Interest (US) | Practical Law (westlaw.com)
- ↑ "Oil + gas law for beginners: understanding the Mineral vs. Royalty Distinction". Lexology. 2015-10-26. Retrieved 2024-04-23.
- ↑ Alyce-Hoge-Allocation-Wells.pdf (landtraining.net)