9/9/2009

Companies could be subject to adjusted royalty rates for drilling on federal lands that would reflect difficulties encountered while searching for oil and natural gas reserves, Interior Secretary Ken Salazar said during a climate and energy conference. The Interior Department is planning to release proposals to revise royalty rates by the end of 2009, he said. Producers currently pay royalties from 12.5% for onshore drilling to 18.75% on offshore production.

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