Financial Results Summary for Fiscal Year 2019
Waste Prevention, Production
Subject to Royalties and
Resource Conservation
Presented by Erik Vernon, BLM Air Resource Specialist
Purpose
•
Authority - Mineral Leasing Act “prevention of undue waste’’ and to ensure
that lessees ‘‘use all reasonable precautions to prevent waste of oil or gas.”
•
Incorporate requirements from the Inflation Reduction Act, “avoiding
waste and maximizing royalty revenues”
•
Update current royalty free venting and flaring rule, NTL-4A is ill-suited to
address flaring associated with development of unconventional tight oil
and gas and does not account for technological and operational
advancements that can reduce losses of gas
•
Update Onshore O&G Operations and Production Rules 43 CFR 3160 and
43 CFR 3170
Primary Components of Rule
1.
Operators must use all reasonable precautions to prevent the waste
of O&G developed from Federal and Indian leases.
2.
Operators must submit a Waste Minimization Plan with APD
3.
Clarify definition of “unavoidably lost”, (i.e. royalty free)
4.
Impose certain operator obligations for safety and prevention of
waste
Public Comments
•
BLM is accepting public comments until January 31
st
, 2023
•
https://www.federalregister.gov/documents/2022/11/30/2022-
25345/waste-prevention-production-subject-to-royalties-and-
resource-conservation
•
Or web search for “BLM Waste Prevention Production”
•
Details of the rule are subject to change based on public comments.
The financial report summarizes the results for the year ended on 31st March 2019 for FIH group plc. It covers details such as underlying pre-tax profits, dividends, cash balances, outlook, and business segment performance. The report highlights positive growth in profits for various sectors within the group.
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Presentation Transcript
Waste Prevention, Production Subject to Royalties and Resource Conservation Presented by Erik Vernon, BLM Air Resource Specialist
Purpose Authority - Mineral Leasing Act prevention of undue waste and to ensure that lessees use all reasonable precautions to prevent waste of oil or gas. Incorporate requirements from the Inflation Reduction Act, avoiding waste and maximizing royalty revenues Update current royalty free venting and flaring rule, NTL-4A is ill-suited to address flaring associated with development of unconventional tight oil and gas and does not account for technological and operational advancements that can reduce losses of gas Update Onshore O&G Operations and Production Rules 43 CFR 3160 and 43 CFR 3170
Primary Components of Rule 1. Operators must use all reasonable precautions to prevent the waste of O&G developed from Federal and Indian leases. 2. Operators must submit a Waste Minimization Plan with APD 3. Clarify definition of unavoidably lost , (i.e. royalty free) 4. Impose certain operator obligations for safety and prevention of waste
Public Comments BLM is accepting public comments until January 31st, 2023 https://www.federalregister.gov/documents/2022/11/30/2022- 25345/waste-prevention-production-subject-to-royalties-and- resource-conservation Or web search for BLM Waste Prevention Production Details of the rule are subject to change based on public comments.
