By Houston Republic |
Apr 16, 2024
Congressman Wesley Hunt's legislation, H.R. 7377 - The Royalty Resiliency Act, has made significant progress as it passed out of the House Natural Resources Committee. The bill aims to amend the Federal Oil and Gas Royalty Management Act of 1982 to enhance the management of royalties from oil and gas leases.One of the key provisions of the bill addresses the issue of royalty payments based on land ownership. Currently, lessees are required to pay the Federal Government a 100% royalty rate on production until a communization agreement is approved, even if the government...