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By Alan Kovski
A royalty policy committee that includes major oil companies will develop new Interior Department regulations on payments companies make for energy development on federal and tribal lands, an Interior official said at the committee’s first meeting Oct. 4.
The committee is an example of the Interior Department changing the way it “does business” and a sign of its efforts to promote energy development, Vincent DeVito, energy counselor to Interior Secretary Ryan Zinke, said.
The committee includes representatives from Chevron, ConocoPhillips Corp., Anadarko Petroleum, Cloud Peak Energy Inc. and other oil, gas, and coal companies, along with state and tribal officials and some members of academia.
The Interior Department scheduled at least a year for the committee to look at policies covering royalties and other financial requirements for oil, natural gas, and coal. DeVito said it will examine “every financial aspect” of federal energy regulation.
Beyond royalties, the federal financial regulations for energy include bonus bids, rents, inspection fees, and bonding to cover possible pollution and eventual decommissioning costs.
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