Thomas Tyrell, left, and Charles Dennen, right, of Archer & Greiner. Courtesy photos New Interior Department Rule Proposes Increase in Cost to Acquire and Maintain Federal Oil and Gas Leases
BLM has been under increased pressure to update the fiscal terms of oil and gas leases for many years. Under the current regulations, minimum bids and rental rates have not increased in 30 years, bond rates have not increased in 50 years, and royalty rates have never increased since the Mineral Leasing Act was passed in 1920.
January 08, 2024 at 10:00 AM
8 minute read
In the spring, the federal government will be issuing a new rule aimed at modernizing federal oil and gas leasing regulations. In July, the Department of Interior, Bureau of Land Management (BLM) proposed a new rule, designed to update the fiscal terms of existing oil and gas leasing regulations to reflect provisions of recently enacted federal legislation, the Inflation Reduction Act and Infrastructure Investment and Jobs Act. See Fluid Mineral Leases and Leasing Process, 88 Fed. Reg. 47,562 (proposed July 24, 2023). These regulations, located at 43 C.F.R. pt. 3000 and 3100 et seq., have not been significantly modified since 1988, and this new rule comes amid increased scrutiny over whether existing regulations are outdated and no longer protective of the federal government's fiscal interests.
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