Source: http://govpulse.us/entries/2011/12/15/2011-32158/agency-information-collection-activities-proposed-collection-comment-request-correction
Timestamp: 2014-04-25 07:06:12
Document Index: 419871584

Matched Legal Cases: ['arts 1202', 'arts 202', 'arts 1202', 'art 1202', 'art 1206', 'art 1207', 'art 1206']

govpulse | Agency Information Collection Activities: Proposed Collection, Comment Request; Correction
To comply with the Paperwork Reduction Act of 1995 (PRA), we are inviting comments on a collection of information requests that we will submit to the Office of Management and Budget (OMB) for review and approval. The OMB formerly approved this information collection request (ICR) under OMB Control Number 1010-0103. After the Secretary of the Department of the Interior established ONRR (the former Minerals Revenue Management, a program under the Minerals Management Service) on October 1, 2010, OMB approved a new series number for ONRR and renumbered our ICRs. This ICR covers the paperwork requirements in the regulations under title 30, Code of Federal Regulations(CFR), parts 1202, 1206, and 1207 (previously 30 CFR parts 202, 206, and 207). The revised title of this ICR is “30 CFR Parts 1202, 1206, and 1207, Indian Oil and Gas Valuation.” There are five forms associated with this information collection. ONRR published this notice on December 8th, 2011, at 76 FR 76746, with an incorrect due date for comments. This revised notice amends the due date.
• Electronically go to http://www.regulations.gov. In the entry titled “Enter Keyword or ID,” enter “ONRR-2011-0021” and then click “Search.” Follow the instructions to submit public comments. The ONRR will post all comments.
• Mail comments to Armand Southall, Regulatory Specialist, Office of Natural Resources, P.O. Box 25165, MS 64000A, Denver, Colorado 80225. Please reference ICR 1012-0002 in your comments.
• Hand-carry comments or use an overnight courier service. Our courier address is Building 85, Room A-614, Denver Federal Center, West 6th Ave. and Kipling St., Denver, Colorado 80225. Please reference ICR 1012-0002 in your comments.
Effective October 1, 2010, ONRR reorganized and transferred their regulations from chapter II to chapter XII in title 30 of the Code of Federal Regulations(CFR), resulting in a change in our citations. Information collections covered in this ICR are found at 30 CFR part 1202, subparts C and J, which pertain to royalties; part 1206, subparts B and E, which govern the valuation of oil and gas produced from leases on Indian lands; and part 1207, which pertains to recordkeeping. All data reported is subject to subsequent audit and adjustment.
Indian Oil ↑
Regulations at 30 CFR part 1206, subpart B, govern the valuation forroyalty purposes of all oil produced from Indian oil and gas leases (tribal and allotted), except leases on the Osage Indian Reservation, and are consistent with mineral leasing laws, other applicable laws, and lease terms. Generally, the regulations provide that lessees determine the value of oil based upon the higher of (1) The gross proceeds under an arm's-length contract; or (2) major portion analysis. The value determined by the lessee may be eligible for a transportation allowance.
Indian Gas ↑
Most Indian leases contain the requirement to perform accounting for comparison (dual accounting) for gas produced from the lease. Lessees must elect to perform actual dual accounting as defined in