Biden Administration Releases New Leasing Reform

The Biden administration has recommended a major change in the nation’s oil and gas leasing program that will focus on areas that are most suitable for energy development and raise costs for energy companies to drill on public lands and water.

The report by the Interior Department completes a review ordered in January by President Joe Biden, who directed a pause in federal oil and gas lease sales in his first days in office, citing worries about climate change.

Several key takeaways from the report:

Recommends hiking federal royalty rates for oil and gas drilling, which the report says have not been raised for 100 years. The federal rate of 12.5% that developers must pay to drill on public lands is significantly lower than many states and private landowners charge for drilling leases on state or private lands.
The government should consider raising bond payments that energy companies must set aside for future cleanup before they drill new wells. Bond rates have not been increased in decades, according to the report said.
The Bureau of Land Management, an Interior Department agency, should focus leasing offers on areas that have moderate to high potential for oil and gas resources and are close to existing oil and gas infrastructure.

To read the entire report, click here

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Weekly Sponsor: Witting Partners

Witting Partners delivers a full range of energy-focused leadership development services to help companies overcome the unique challenges of today’s oil & gas industry so that they can successfully regain and sustain peak performance.

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MineralTracker is the only mineral management software that allows mineral owners to compare actual royalty payments to expected payments based on well performance and a proprietary, Bakken-specific reservoir model built by MineralTracker’s petroleum engineers.

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