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Deep Water Royalty Relief Act
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 (656 ft). Under the Outer Continental Shelf Lands Act, as amended in 1978, and under the provisions of the DWRRA of 1995, relief from royalty obligations may be granted to increase production or to encourage development on certain producing or non-producing leases. Royalty relief may be applied to either active leases or to newly offered leases directly in their fiscal terms. The primary MMS royalty relief programs include those that were required for Gulf of Mexico deepwater leases (located in water depth greater than 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five major unincorporated territories, nine United States Minor Outlying Islands, Minor Outlying Islands, and 326 Indian reservations. The United States is also in Compact of Free Association, free association with three Oceania, Pacific Island Sovereign state, sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Palau, Republic of Palau. It is the world's List of countries and dependencies by area, third-largest country by both land and total area. It shares land borders Canada–United States border, with Canada to its north and Mexico–United States border, with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royalties
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.Guidelines for Evaluation of Transfer of Technology Agreements, United Nations, New York, 1979 A royalty interest is the right to collect a stream of future royalty payments. A license agreement defines the terms under which a resource or property are licensed by one party to another, either without restriction or subject to a limitation on term, business or geographic territory, type of product, etc. License agreements can be regulated, particularly where a government is the resource owner, or they can be private contracts that follow a general structure. However, certain types of franchising, franchise agreements have comparable p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure. Petroleum is primarily recovered by oil drilling. Drilling is carried out after studies of structural geology, sedimentary basin analysis, and reservoir characterisation. Recent developments in technologies have also led to exploitation of other unconventional reserves such as oil sands and oil shale. Once extracted, oil is refined and separated, most easily by distillation, into innumerable products for direct use or use in manufacturing. Products include fuels such as gasolin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Government Of The United States
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a federal district (the city of Washington in the District of Columbia, where most of the federal government is based), five major self-governing territories and several island possessions. The federal government, sometimes simply referred to as Washington, is composed of three distinct branches: legislative, executive, and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively. The powers and duties of these branches are further defined by acts of Congress, including the creation of executive departments and courts inferior to the Supreme Court. Naming The full name of the republic is "United States of America". No other name appears in the Constitution, and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Outer Continental Shelf
The Outer Continental Shelf (OCS) is a feature of the geography of the United States. The OCS is the part of the internationally recognized continental shelf of the United States which does not fall under the jurisdictions of the individual U.S. states. Definition Formally, the OCS is governed by Title 43, Chapter 29 "Submerged Lands", Subchapter III "Outer Continental Shelf Lands", of the U.S. Code. The term "outer Continental Shelf" refers to all submerged land, its subsoil and seabed that belong to the United States and are lying seaward and outside the states' jurisdiction, the latter defined as the "lands beneath navigable waters" in Title 43, Chapter 29, Subchapter I, Section 1301. The United States OCS has been divided into four leasing regions: *Gulf of Mexico OCS Region *Atlantic OCS Region *Pacific OCS Region *Alaska OCS Region State jurisdiction is defined as follows: *Texas and the Gulf coast of Florida are extended 3 marine leagues (approximately 9 nautical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minerals Management Service
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). Due to perceived conflict of interest and poor regulatory oversight following the Deepwater Horizon oil spill and Inspector General investigations, Secretary of the Interior Ken Salazar issued a secretarial order on May 19, 2010, splitting MMS into three new federal agencies: the Bureau of Ocean Energy Management, the Bureau of Safety and Environmental Enforcement, and the Office of Natural Resources Revenue. MMS was temporarily renamed the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) during this reorganization before being formally dissolved on October 1, 2011. Headquartered in Washington, DC, the Agency received most of its revenue from leasing federal lands and waters to oil and natural gas companies with a profit margin of 98%. It was amon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Outer Continental Shelf Lands Act
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Gulf Of Mexico
The Gulf of Mexico ( es, Golfo de México) is an ocean basin and a marginal sea of the Atlantic Ocean, largely surrounded by the North American continent. It is bounded on the northeast, north and northwest by the Gulf Coast of the United States; on the southwest and south by the Mexican states of Tamaulipas, Veracruz, Tabasco, Campeche, Yucatan, and Quintana Roo; and on the southeast by Cuba. The Southern U.S. states of Texas, Louisiana, Mississippi, Alabama, and Florida, which border the Gulf on the north, are often referred to as the " Third Coast" of the United States (in addition to its Atlantic and Pacific coasts). The Gulf of Mexico took shape approximately 300 million years ago as a result of plate tectonics.Huerta, A.D., and D.L. Harry (2012) ''Wilson cycles, tectonic inheritance, and rifting of the North American Gulf of Mexico continental margin.'' Geosphere. 8(1):GES00725.1, first published on March 6, 2012, The Gulf of Mexico basin is roughly ov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Information Administration
The U.S. Energy Information Administration (EIA) is a principal agency of the U.S. Federal Statistical System responsible for collecting, analyzing, and disseminating energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment. EIA programs cover data on coal, petroleum, natural gas, electric, renewable and nuclear energy. EIA is part of the U.S. Department of Energy. Background The Department of Energy Organization Act of 1977 established EIA as the primary federal government authority on energy statistics and analysis, building upon systems and organizations first established in 1974 following the oil market disruption of 1973. EIA conducts a comprehensive data collection program that covers the full spectrum of energy sources, end uses, and energy flows; generates short- and long-term domestic and international energy projections; and performs informative energy analyses. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil And Gas Law
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. Overview The law regulating oil and gas ownership in the US generally differs significantly from laws in Europe; oil and gas are often owned privately in the US as opposed to being owned by the national government as they are in many other countries. Jurisdiction In the U.S., extraction of oil and gas is generally regulated by the individual states through statutes and common law. Federal and constitutional law apply as well. Ownership In the United States, oil and gas rights to a particular parcel may be owned by private individuals, corporations, Indian tribes, or by local, state, or federal governments. Oil and gas rights extend vertically downward from the property line. Unless explicitly separated by a deed, oil and gas rights are owned by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
