United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2008-09-03 monographic deposited born digital 44 p. GA 1.13:GAO-08-691 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-691 P0b002ee180390c86 f:d08691 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-08-691 machine generated eng fdlp REPORT GAOREPORTS-GAO-08-691 GAO-08-691 Evaluation methods Federal legislation Financial analysis Foreign investments in US Gas leases Gas resources Intergovernmental fiscal relations Land resources Monitoring Natural resource management Natural resources Oil leases Oil resources Performance measures Petroleum industry Policy evaluation Rates Revenue sharing Royalty payments Systems evaluation Program evaluation Financial management Other Written Product A83959

In fiscal year 2007, domestic and foreign companies received over $75 billion from the sale of oil and gas produced from federal lands and waters, according to the Department of the Interior (Interior), and these companies paid the federal government about $9 billion in royalties for this oil and gas production. The government also collects other revenues in rents, taxes, and other fees, and the sum of all revenues received is referred to as the "government take." The terms and conditions under which the government collects these revenues are referred to as the "oil and gas fiscal system." This report (1) evaluates government take and the attractiveness for investors of the federal oil and gas fiscal system, (2) evaluates how the absence of flexibility in this system has led to large foregone revenues from oil and gas production on federal lands and waters, and (3) assesses what Interior has done to monitor the performance and appropriateness of the federal oil and gas fiscal system. To address these issues, we reviewed expert studies and interviewed government and industry officials. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-691/html/GAOREPORTS-GAO-08-691.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-691/pdf/GAOREPORTS-GAO-08-691.pdf GAO-08-691 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-691 Other Written Product GAO-08-691; Oil and Gas Royalties: The Federal System for Collecting Oil and Gas Revenues Needs Comprehensive Reassessment; Evaluation methods Federal legislation Financial analysis Foreign investments in US Gas leases Gas resources Intergovernmental fiscal relations Land resources Monitoring Natural resource management Natural resources Oil leases Oil resources Performance measures Petroleum industry Policy evaluation Rates Revenue sharing Royalty payments Systems evaluation Program evaluation Financial management Title 30 Section 226 30 U.S.C. 226