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GAO-07-676R 1 (2007-05-01)

handle is hein.gao/gaocrptavff0001 and id is 1 raw text is: S=GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 May 1, 2007 The Honorable Jeff Bingaman Chairman Committee on Energy & Natural Resources United States Senate The Honorable Nick J. Rahall II Chairman Committee on Natural Resources House of Representatives The Honorable Stevan Pearce Ranking Member Subcommittee on Energy and Mineral Resources Committee on Natural Resources House of Representatives The Honorable Mary L. Landrieu United States Senate Subject: Oil and Gas Royalties: A Comparison of the Share of Revenue Received from Oil and Gas Production by the Federal Government and Other Resource Owners Amid rising oil and gas prices and reports of record oil industry profits, a number of governments have taken steps to reevaluate and, in some cases, increase the share of oil and gas revenues they receive for the rights to develop oil and gas on their lands and waters. For example, the State of Alaska has recently passed new oil and gas legislation that will increase the state's share of revenue received from oil and gas companies operating state leases. In January 2007, the Department of the Interior announced an increase in the royalty rate for future leases granted in the deepwater region of the Gulf of Mexico. Companies engaged in exploration and development of oil and gas resources do so under terms of concessions, leases, or contracts granted by governments or other resource owners. The terms and conditions of such arrangements are established by law or negotiated on a case-by-case basis. One important aspect of the arrangements is the applicable payments from the companies to the resource owners-in the United States, these include bonuses, rentals, royalties, corporate income taxes, and special fees or taxes. The precise mix and total amount of these payments, referred to as the fiscal system varies widely across different resource owners. The total revenue, as a percentage of the value of the oil and natural gas produced, received by government resource owners, such as GAO-07-676R Oil and Gas Royalties

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