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The NewsRoom
Release: #3806
Date: May 27, 2008
MMS
Incorporates Revenue Sharing Rules
Establishes
Rules for Providing Funds to Coastal States
WASHINGTON The Minerals Management Service proposes to issue regulations
for distribution of qualified Outer Continental Shelf revenues from
certain federal Gulf of Mexico leases in accordance with the
provisions of the Gulf of Mexico Energy Security Act of 2006 (GOMESA).
The regulations document the formula and methodology for calculating
and allocating revenues to the Gulf Producing States of Alabama,
Louisiana, Mississippi, and Texas and their eligible coastal
political subdivisions based on detailed parameters set by Congress.
“MMS is pleased
to issue this regulation to implement the revenue sharing provisions
of GOMSEA for these coastal states,” said MMS Director, Randall
Luthi. “Alabama, Mississippi, Louisiana and Texas will all benefit
from MMS lease sales.”
The first lease
sale with immediate revenue sharing leases was Sale 224, held on
March 19, 2008. GOMESA authorizes that 37.5 percent of all revenue
including bonus bids, rentals and production royalty will be shared
among the four States and their subdivisions. From that percentage
and based on the actual location of the tracts bid on in that sale,
the FY 2008 allocation of bonuses and first year rentals under this
program would be a follows: Alabama – 30 percent, Mississippi – 27
percent, Louisiana – 32 percent, and Texas – 11 percent.
Qualified OCS
revenues are allocated among the Gulf producing States based on a
formula that incorporates the State’s proximity to certain tracts in
the Gulf of Mexico Eastern Planning Area and a small section in the
Central Planning Area.
Relevant Web Site:
Federal Notice:
Allocation and Disbursement of Royalties, Rentals,
and Bonuses-- Oil and Gas, Offshore
Contact:
Eileen Angelico 504-736-2595
Caryl Fagot
504-736-2590
MMS: Securing Ocean Energy & Economic Value for America
U.S. Department of the Interior
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Last Updated:
06/05/2008,
08:02 AM
Central Time
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