The Minerals Mgmt. Service (MMS) collected over $9

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Mineral Revenues: Data Management Problems and Reliance on Self-Reported Data for Compliance Efforts Put MMS Royalty Collections at Risk

The Minerals Mgmt. Service (MMS) collected over $9

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By Frank Rusco (au); Jeanette Franzel (au)
Year: 2008
Pages: 18
Binding Paperback

Product Code: 1437909787

Description

The Minerals Mgmt. Service (MMS) collected over $9 billion in oil and gas royalties in FY 2007. These royalties -- payments made to the fed. gov’t. for the right to produce oil and gas from fed. lands and waters -- represent one of the country’s largest non-tax sources of revenues. This report includes recommendations to strengthen the royalty collections program. This report determines: (1) whether there has been adequate assurance that fed. oil and gas are measured accurately; (2) whether MMS’s royalty info. tech. system and royalty collection and verification processes provide sufficient assurance that all royalties are being collected; and (3) the extent to which MMS’s compliance efforts provide an adequate check on industry’s self-reported data.

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