⛽Royalty and Production Reporting Compliance Notice by ONRR
Agency Information Collection Activities: Royalty and Production Reporting
Summary
In accordance with the Paperwork Reduction Act of 1995 ("PRA"), ONRR is proposing to renew an information collection. Through this Information Collection Request ("ICR"), ONRR seeks renewed authority to collect information used to verify, audit, collect, and disburse royalty owed on oil, gas, and geothermal resources produced from Federal and Indian lands. ONRR uses forms ONRR- 2014, ONRR-4054, and ONRR-4058 as part of these information collection requirements.
Agencies
- Interior Department
- Natural Resources Revenue Office
Business Impact
$$$ - High
The notice outlines compliance requirements for oil, gas, and geothermal resource reporting, impacting businesses in these sectors. Companies must adhere to new form submissions and reporting standards to avoid penalties, particularly concerning royalty payments and production oversight.