Biden Administration to unveil five-year offshore leasing program in June
Thursday, May 26, 2022
The Department of Interior plans to release a proposal for a five-year offshore oil and gas leasing program with the current program set to expire on June 30, according to Natural Gas Intelligence.
Secretary of Interior Deb Haaland confirmed the DOI’s intentions before the Senate Committee on Energy and Natural Resources, saying the Trump administration had ceased working on the new leasing program, which delayed it.
Oil and gas industry advocates have warned of a potential lapse in offshore leasing that could impact production in U.S. coastal waters with the current program set to expire.
Learn more: Natural Gas Intelligence > Biden Administration Says Five-Year Offshore Leasing Program Coming in June
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Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.