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The Mineral Leasing Act of 1920 30 U.S.C. § 181 et seq. is a United States federal law that authorizes and governs leasing of public lands for developing deposits of coal, petroleum, natural gas and other hydrocarbons, in addition to phosphates, sodium, sulfur, and potassium in the United States.
The foundational legal document of the U.S. oil and gas industry is the oil and gas lease. [6] Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and ...
Mineral rights are property rights to exploit an area for the minerals it harbors. Mineral rights can be separate from property ownership (see Split estate).Mineral rights can refer to sedentary minerals that do not move below the Earth's surface or fluid minerals such as oil or natural gas. [1]
In the oil and gas industry, a farmout agreement is an agreement entered into by the owner of one or more mineral leases, called the "farmor", and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services, called the "farmee." The typical service described in farmout agreements is ...
The leases expire after a set number of years, or continue however long afterward that oil and gas are continually produced from the lease. Individual tracts are generally 9 square miles (23 km 2 ). Current leases being offered in the Gulf of Mexico have 5-year terms for tracts in water depths of less than 400 m, and 8 years for tracts in water ...
Most oil and gas commissions make API numbers (and well header data) available on-line and free of charge. The ability to download the data varies from state to state. Below is a list of the 50 states, along with their state code, and the name and internet address of their oil and gas regulatory agency where available.
GM – gas migration; GOC – gas oil contact; GOM – Gulf of Mexico; GOP – geological operations report; GOR – gas oil ratio; GOSP – gas/oil separation plant; GPIT – general-purpose inclinometry tool (borehole survey) [16] GPLT – geol plot log [clarification needed] GPTG – gallons per thousand gallons; GPM – gallons per Mcf ...
The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.