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On Friday, March 31, 2023, Representative Larry Bagley of Louisiana’s District 7 proposed amendments to Louisiana Revised Statutes § 30:10. As was the case in 2012, this proposed amendment would also extend this direct payment requirement to any overriding royalty interests burdening the nonparticipating owner’s lease.
Accordingly, auditing of royalty payments was left to the Mineral Board’s internal accountants, and when an issue arose as to whether royalty payments were made correctly, the Mineral Board’s land personnel and internal counsel would oversee sending demands and pursuing litigation against the State’s mineral lessees and well operators.
20-0904, 2023 WL 2438927 (Tex. 2023), in which it held that lessees owed royalties in excess of their gross proceeds, specifically “adding back” costs incurred by third-party buyers that were enumerated in the sales contract and subtracted from the sales price. 20-0904, 2023 WL 2438927 (Tex. Sheppard , — S.W.3d
21-0146, 2023 WL 2053175 (Tex. 17, 2023), in which it re-affirmed the axiomatic principle that a text retains the same meaning in the present day as when it was drafted. In the 1920s—the time the deed at issue was executed—lessors commonly reserved a one-eighth royalty interest when they executed oil and gas leases.
Several 2023 decisions rendered by the El Paso Court of Appeals, reflect a trend toward near-automatic application of the presumption. Travis Lattner, Jr., “a non-participating royalty of one-fourth (1/4th) of the landowner’s usual one-eighth (1/8th) royalty on oil and gas produced and saved from said land[.]”
The Louisiana Legislature’s 2023 Regular Session begins on April 10th, and last Friday, Louisiana Senator Allain of District 21 filed SB 154 proposing to enact a statutory framework directly governing the rights and obligations of parties to renewable energy leases. 122); The lessee of a renewable energy lease would be “bound to.
This case presents two critical questions: Who owns subsurface caverns created by salt mining operations, and How should in-kind royalties be calculated for salt production? ” The Fifth Circuit, applying Texas law in Dunn-McCampbell Royalty Interest, Inc. Part I: The Battle Over Subsurface Storage Rights A.
Like traditional exploration and development, CCUS projects require the operator to secure both the necessary private property rights from landowners as well as regulatory approval from the appropriate administrative agency in order to proceed. In addition to the unit order, the operator must receive approval for its injection wells.
Recently, the Nigerian government demanded more than $60 billion in back royalties under a production sharing agreement with the supermajors operating in the country. The operator of Egina is China’s CNOOC: Chinese oil companies are expanding internationally, and Nigeria is one of the destinations, despite the challenges.
billion in 2023, prompting cost-cutting measures, a 5% staff reduction, and slashed executive bonuses. Read more Contact Valor Today Contact us today if you need help outsourcing your oil and gas operations. onshore wind farms and spinning off offshore wind assets. The companys profits fell to $8.2 billion in 2024 from $13.4
Depletion Allowance Tax Benefit The percentage depletion method is typically more favorable for smaller producers or independent operators, as it allows them to deduct a fixed percentage of gross income without regard to their actual investment in the property. This includes expenses related to exploration, development, and extraction.
These costs cover expenses that arent tied to physical equipment but are essential to drilling operations, such as labor, fuel, and site preparation. They ensure that drilling operations adhere to regulations and maintain legal compliance. For more information, please visit www.irs.gov.
The two bureaus stated their focus for fiscal year (FY) 2022 would be on the development of regulations to address the IIJA requirement; accordingly, both BOEM and BSEE have budgeted funds for FY 2023 to develop such a framework. In the meantime, more questions than answers remain regarding the regulatory framework for offshore CCS.
billion of agricultural products in 2023, and Brazil ranks first in production for many of the worlds highest-demand and potash-intensive crops, like soybean and sugarcane. A WORLD-CLASS MINE Brazil Potash expects Autazes to produce roughly 2.4Mt of potash (MOP) once operating at full capacity enough to satisfy 20% of Brazil’s needs.
At the end of 2023, for example, New Englanders paid 31% more for natural gas compared to U.S. And the lone infrastructure success for the Appalachian Basin, the Mountain Valley Pipeline (MVP), actually took an act of Congress to complete and become operational. A reality the Governor’s constituents are now forced to face.
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