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US Interior Department Proposes New Rule to Calculate Valuation of Oil, Gas, Coal on Public Lands

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The US Department of the Interior has proposed amending how the federal government calculates the value of oil, gas, and coal produced on public lands, it said on Friday.

The reform would cut red tape for energy companies and streamline and simplify the calculation of the value of oil, gas, and coal they produce on federal lands for royalty payment purposes, the Interior Department said in a statement.

The proposal aims to do away with "unnecessary reporting requirements" and to enhance transparency by offering clearer guidance on valuation practices, thereby improving accuracy in industry-reported data, the statement said.

"This proposed rule cuts useless bureaucratic drag so companies can focus on what they do best - producing affordable, domestic energy - while securing a fair return for the American taxpayer," Secretary of the Interior Doug Burgum said in the statement.

The Interior Department has invited feedback from stakeholders, industry representatives and the public following the publication of the proposal in the Federal Register over the coming days.

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