WASHINGTON (CN) - The Office of Natural Resources Revenue proposes to revive the moribund process of revising outdated regulations for oil production from Indian leases by establishing an Indian Oil Valuation Negotiated Rulemaking Committee.
"This initiative will enable to the regulatory process to keep pace with a changing marketplace, ensuring that Tribal nations and individual Indian owners continue to receive a fair rate of return on these assets and offering certainty and consistency to industry in valuing these resources," Secretary of the Interior Ken Salazar said in a release announcing the proposed committee.
The current rules have been in effect since 1988 and the Department of the Interior has proposed changes to the rule three times but at each attempt major stakeholders, including tribal lease holders objected to the proposed rule.
The proposed committee will include tribal stakeholders, private industry and regulatory agencies. Members will be appointed by the agency based on nominations from the public. The committee will elect its own chair and a facilitator will be appointed who will not be a voting member of the committee.
The Office of Natural Resources Revenues, previously known as the Minerals Revenue Management division of the Minerals Management Service, is responsible for collecting and disbursing revenues from energy production on federal lands, American Indian lands and offshore areas of the U.S. Outer Continental Shelf.
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