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OSP-76-25 1 (1976-06-15)

handle is hein.gao/gaobaabga0001 and id is 1 raw text is: 
/V 7




                                         June 15, 1976
 B-1 56603


 The Honorable George Miller                      . -      L
 The Honorab le john Moss
 House of Representatives

  Gentlemen:

     This is in response to your letter of September 9, 1975, to the
Comptroller General. Your letter asked aoouz (1) oil com.oany -rofits
on Outer Continental Shelf (OCS) overations, (2) tne Departs, on: of the
Interior's offsnore royalty accounting orocedures. and (3) zne rela-
tionship between major oil producers aria tne regulatory agencies of
the Federal Government.

     With respect to the first Question, oil company profits on OCS
operations, it was agreed with your offices that we would not under-
take any work at this time since other studies of the matter were
underway. Concerning the interior Department's offshore royalty prac-
tices, we agreed to discuss witn your reoresentatives tne scope of the
Department's planned audit of offshore royalty accounting practices.
As soon as the Deoart ment completes its audit plan, we will review it
and meet witn your representatives. This letter responds to the third
area, concerning the relationship between tre major oil producers and
the regulatory agencies of the Federal Government.

     Specifically; you asked about exceozior- frc7 regular accounting
rules as well as any o:7er reaueszs frc, ire     ....anies f r cevia-
tion from szncaro oDera:7gc  rocezures. - ciscwssew wi': ?jur
offices, we recuested tnis information tnrouqn a letter of inquiry
(copy enclosed) to the following departments and agencies:

     --Environmental Protection Agency;
     --Federal Energy Aoministration.,
     --Federal Maritime Commission.,
     --Federal Power Commission.
     --Federal Trade Commission;
     --Deoartnent cf the Interior..
     --Interstate Ccm-erce Commission..
     --Department of Transportation..


OSP-76-25

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