Interior Secretary Ryan Zinke said on April 17 he will not lower royalty rates for offshore oil and gas lease sales "at this time" despite a recommendation from an advisory panel to do so.
Zinke cited the success of President Donald Trump's energy strategy as a reason for not adhering to the recommendation of his appointed RPC, which in late February advised him to slash the royalty rate for offshore drilling by nearly one-third to 12.5%.
"Right now, we can maintain higher royalties from our offshore waters without compromising the record production and record exports our nation is experiencing," Zinke said.
Recommended Reading
DXP Enterprises Buys Water Service Company Kappe Associates
2024-02-06 - DXP Enterprise’s purchase of Kappe, a water and wastewater company, adds scale to DXP’s national water management profile.
ARM Energy Sells Minority Stake in Natgas Marketer to Tokyo Gas
2024-02-06 - Tokyo Gas America Ltd. purchased a stake in the new firm, ARM Energy Trading LLC, one of the largest private physical gas marketers in North America.
California Resources Corp., Aera Energy to Combine in $2.1B Merger
2024-02-07 - The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.
Vital Energy Again Ups Interest in Acquired Permian Assets
2024-02-06 - Vital Energy added even more working interests in Permian Basin assets acquired from Henry Energy LP last year at a purchase price discounted versus recent deals, an analyst said.
DNO Acquires Arran Field Stake, Continuing North Sea Expansion
2024-02-06 - DNO will pay $70 million for Arran Field interests held by ONE-Dyas, and up to $5 million in contingency payments if certain operational targets are met.