Post by Logan on Apr 28, 2017 3:00:15 GMT -6
BISMARCK — A dispute between the North Dakota Department of Trust Lands and the oil industry over gas royalty payments will become part of a legislative management study under a bill lawmakers approved Wednesday, April 26.
The department says some oil companies owe the state money after taking improper deductions on natural gas royalties, a discrepancy discovered in recent audits.
The oil industry has a different interpretation of leases for state-owned minerals and claims the department is changing a decades-old policy.
Legislators decided to study the issue during the 2017-18 interim, along with other issues related to determining the value of oil and gas and the reporting of deductions on royalty statements.
Read more: oilpatchdispatch.areavoices.com/2017/04/26/nd-legislators-plan-study-of-gas-royalty-deductions/
The department says some oil companies owe the state money after taking improper deductions on natural gas royalties, a discrepancy discovered in recent audits.
The oil industry has a different interpretation of leases for state-owned minerals and claims the department is changing a decades-old policy.
Legislators decided to study the issue during the 2017-18 interim, along with other issues related to determining the value of oil and gas and the reporting of deductions on royalty statements.
Read more: oilpatchdispatch.areavoices.com/2017/04/26/nd-legislators-plan-study-of-gas-royalty-deductions/