NOIA Applauds Proposed Repeal of Royalty Valuation Rule
National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement on DOI’s proposal to repeal recent amendments to the Federal Royalty Valuation Rule:
“NOIA supports repeal of Interior’s 2017 Royalty Valuation Rule, which would have created a cloud of regulatory uncertainty, put at risk billions of dollars of federal oil and gas leases and left much needed jobs and revenue for America on the able. The offshore industry, which accounts for nearly a quarter of our nation’s domestically produced oil and natural gas, needs a clear, consistent and fair regulatory environment to thrive.
“NOIA applauds Secretary Zinke for taking steps to repeal the rule and reevaluate changes to long-established royalty valuation regulations. The actions proposed by Interior today will enhance a climate of regulatory certainty and clarity, helping ensure that the U.S. remains the global energy leader.
“NOIA also thanks House Majority Whip Steve Scalise (R-LA), Congressman Scott Tipton (R-CO) and Senator Steve Daines (R-MT) for their efforts to ensure any royalty valuation changes are done in a fair, transparent and thoughtful manner.”
