In FY 2007, the Minerals Mgmt. Service (MMS) colle

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Oil and Gas Royalties: MMS’s Oversight of Its Royalty-in-Kind Program Can Be Improved through Additional Use of Production Verification Data and Enhanced Reporting

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By Frank Rusco (au); Jeanette Franzel (au)
Year: 2008
Pages: 16
Binding Paperback

Product Code: 1437911528

Description

In FY 2007, the Minerals Mgmt. Service (MMS) collected over $9 billion in oil and natural gas royalties and disbursed these funds to fed., state, and tribal accounts. MMS sells the oil and gas it receives through the royalty-in-kind program and disburses the revenues received from the sales to fed. and state recipients. This report highlights oversight issues related to MMS's royalty-in-kind program raised in that testimony and assesses: (1) the extent to which MMS has reasonable assurance that it is collecting the correct amounts of royalty-in-kind oil and gas; and (2) the reliability of the info. on the performance of the royalty-in-kind program contained in MMS's annual report to the Congress. Charts and tables.

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