http://www.hillheat.com/events/2008/02/26/department-of-interior%E2%80%99s-oil-gas-and-mineral-revenue-programs en-us 40 Science Policy Legislation Action <p>At the hearing, Chairman Feinstein will call for passage of legislation she has sponsored to close a loophole that has allowed oil and gas companies to pay no royalty payments for drilling on the Outer Continental Shelf for leases negotiated in 1998 and 1999. This measure to close the loophole was stripped from the <span class="caps">FY2008</span> Interior Appropriations bill.</p> <p>Under this provision, the companies who have not renegotiated their existing contracts will have a choice.</p> <ul> <li>They can keep their existing leases royalty-free if they so choose, but be barred from bidding on new contracts, or</li> <li>They can agree to renegotiate these leases in good faith and be able to participate in the bidding for new leases.</li> </ul> <em>Witnesses</em> <ul> <li>C. Stephen Allred, Assistant Secretary for Lands and Minerals Management, Department of the Interior</li> <li>Randall Luthi, Director, Minerals Management Service</li> </ul> Tue, 26 Feb 2008 10:00:00 -0600 urn:uuid:9e9db7a7-6699-4f66-a1ad-44959b1125ab The Cunctator http://www.hillheat.com/events/2008/02/26/department-of-interior%E2%80%99s-oil-gas-and-mineral-revenue-programs Policy Legislation budget DOI MMS offshore drilling oil gas Senate Appropriations Interior, Environment, and Related Agencies 124 Dirksen http://www.hillheat.com/articles/trackback/1917