Answer Posted / alan balboa
The product valuation determination process is essential to
ensuring that Indians receive payment on the proper value
of the
minerals being removed. Indian tribes and individual Indian
mineral
owners receive all royalties generated from their lands.
The Indian
tribal representatives have expressed concern that the
Secretary
properly ensures the correct royalty is received. Failure
to collect
the data described in this information collection could
result in the
under valuation of leased minerals.
Most Indian leases contain the requirement to perform
accounting
for comparison (dual accounting) for gas produced from the
lease.
According to 30 CFR 206.176, dual accounting is the greater
of the
following two values:
(1) The value of gas prior to processing less any
applicable
allowances, or
(2) The combined value of residue gas and gas plant
products
resulting from processing the gas less any applicable
allowances plus
any drip condensate associated with the processed gas
recovered
downstream of the point of royalty settlement without
resorting to
processing, less applicable allowances.
On August 10, 1999, MMS published a final rule titled
``Amendments
to Gas Valuation Regulations for Indian Leases'' (64 FR
43506) with an
effective date of January 1, 2000. This regulation applies
to all gas
produced from Indian oil and gas leases, except leases on
the Osage
Indian Reservation. The intent of the rule was to ensure
that Indian
mineral lessors receive the maximum revenues from mineral
resources on
their land, consistent with the Secretary's trust
responsibility and
with lease terms. The rule requires lessees to elect to
perform either
actual dual accounting under 30 CFR 206.176, or the
alternative
methodology for dual accounting under 30 CFR 206.173.
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