Kerr-McGee, U.S. to Mediate Royalty Relief
In March 2006, Kerr-McGee brought suit in federal court in Louisiana challenging an order from the department to pay royalties on natural gas and oil produced from leases issued between 1996 and 2000 under the relief provisions of the act. The suit concerns whether the department is authorized to limit royalty relief for those leases if the price of natural gas or oil exceeds certain "threshold" levels.
"Kerr-McGee has previously sought to resolve this issue, and we welcome the department's recent invitation for lessees to discuss renegotiation of their deepwater leases," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer.
Kerr-McGee is an Oklahoma City-based oil and natural gas exploration and production company focused in the U.S. onshore, deepwater Gulf of Mexico and select proven world-class hydrocarbon basins.
- Oil Inventories Down to Dangerously Low Point
- USA Fuelmakers Shifting Into Higher Gear
- ExxonMobil Selling Shale Assets for $750MM
- Shots Fired During Tanker Loading
- NPD Grants Slew of Drilling Permits
- World's Oil Growth Engine Is About to Slow
- Saudi Arabia Says It Has Done All It Can for the Oil Market
- BlackRock Told Texas It Will Still Invest In Oil And Gas
- Ruble Hits 5-Year High as Gas Buyers Bend to Putin Demand
- DOI Provides Offshore Leasing Program Update
- Russian Oil Producers Start Using Tankers the World Did Not Want
- ADNOC Announces 650MM Barrel Oil Find
- Finland Loses Main Gas Supply
- This Is Where the Oil Price Would Be Without the War
- Ban on Excessive Gasoline Prices Heading for Vote
- Oil and Gas Discovery Confirmed at Hamlet
- Oil Inventories Down to Dangerously Low Point
- Top Headlines: Be Prepared to Pay More at the Pump from June
- USA Fuelmakers Shifting Into Higher Gear
- Gas Prices Could Rocket in the Near Term