Public input sought on whether or not to repeal, amend regulations
Date: April 3, 2017
WASHINGTON – As part of the Administration’s effort to reduce regulation and control regulatory costs, the U.S. Department of the Interior today announced a proposal to repeal the Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Reform Rule (2017 Valuation Rule) in its entirety. Concurrently with this proposal, Office of Natural Resources Revenue (ONRR), is publishing an Advance Notice of Proposed Rulemaking seeking comments on whether revisions are appropriate or needed to the pre-existing regulations governing royalty values, including comments on whether the 2017 Valuation Rule should ultimately be retained or re-promulgated, in whole or in part.
Developed by Interior’s ONNR, the original intent behind the 2017 Valuation Rule was to offer greater simplicity, certainty, clarity, and consistency in product valuation and reporting for mineral lessees. ONRR has since identified several areas in the rule that warrant reconsideration to meet policy and implementation objectives.
The repeal would provide certainty and clarity to the regulated community by continuing to require compliance with lawful, longstanding, and well-known procedures. The Department intends to further evaluate changes that may be warranted to the long-established regulations, ensuring that valuation and revenue collection for the Nation’s mineral resources remain free from loopholes and that Americans receive every dollar due for production of those resources on public lands and waters.
The proposal to repeal the Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Reform Rule as well as the Advanced Notice of Proposed Rulemaking will be published in the Federal Register on April 4, 2017, which initiates a 30-day public comment period. The notices will be available on the web at: www.regulations.gov.
Comments can be made online, by email, or by hand-carrying documents: