Effective July 1, 2015, ONRR will have new reporting requirements associated with oil production on Indian Lands.
This final rule was posted in the Federal register on May 1, 2015. The simplified impact of this rule is an increase in the effective royalty value that will be paid on oil production produced on Indian lands by approximately 3.82 percent to 3.93 percent, or collectively about $ 20 million annually on Indian lands.
If you are an operator or reporter to ONRR related to Indian Lands, you should review this important rule change to ensure your compliance on reporting and valuation going forward. A link to the final ONRR rule can be accessed at this web address:
