The U.S. Bureau of Land Management has published for public review revised regulations for oil and gas leasing and field unitization in the National Petroleum Reserve-Alaska. In a notice in the Federal Register today, BLM said that comments on the new regulations need to be submitted on or before July 23.
The revisions, designed to bring the NPR-A regulations into compliance with the 2005 Energy Policy Act, apply to several components of the regulations, including:
* The rules for granting rent or royalty reductions or suspensions;
* Bonding requirements;
* The rules for transferring title to a portion of a lease;
* The rules for lease renewal, extension or consolidation;
* New regulations that apply to leased federal land that is conveyed to the Arctic Slope Regional Corp.;
* New regulations that apply to units that include mineral estate owned by Arctic Slope Regional Corp. or the State of Alaska; and
* The rules for specifying participating areas and applying for unitization.
“These proposals will provide the framework to develop the NPR-A’s resources so as to help ensure the country’s energy security,” said BLM Acting Director Jim Hughes in a statement.
Note: See full stories in the May 27 issue of Petroleum News.