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Royalty-In-Kind Program: MMS Does Not Provide Reasonable Assurance it Receives Its Share of Gas, Resulting in Millions in Forgone Revenue
Frank Rusco (au)
Companies that develop and produce oil and gas from fed. lands and waters are required to report their production volumes and other data to the Minerals Mgmt. Service (MMS) and to pay royalties either in value (cash) or in kind (oil or gas). In FY 2008, MMS estimated that it had collected more than $2.4 billion in royalty-in-kind (RIK) gas. It is important that MMS ensure that it receives the RIK gas to which it is entitled. The difference between the RIK gas owed -- MMS's entitled percentage of gas -- and the percentage it actually receives is referred to as a "gas imbalance." This report evaluates the extent to which MMS can provide reasonable assurance that it is accurately identifying and collecting RIK gas imbalances in a timely fashion. Illustrations.
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Asia Rising: Why America Will Prosper as Asia’s Economies Boom
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