Monday, Dec 19 2011 6:59PM
The committee is meant to ensure that valuation regulations are clear and consistent, and will make recommendations for new regulations when appropriate.
The U.S. Department of the Interior's (DOI) Office of Natural Resources Revenue (ONRR) recently published a notice establishing a new Indian Oil Valuation Negotiated Rulemaking Committee to oversee valuation regulations on Native American lands.
The committee is meant to ensure that valuation regulations are clear and consistent, and will make recommendations for new regulations when appropriate. The initiative is a response to changes in the oil market which have necessitated an update to the existing rule, according to the Bureau of Indian Affairs (BIA). The rule was passed in 1988.
"This initiative will enable the regulatory process to keep pace with a changing marketplace, ensuring that American Indian Tribes and individual Indian mineral owners continue to receive a fair return for energy production on their lands," said DOI Acting Deputy Assistant Secretary for Natural Resources Revenue Greg Gould.
The committee, according to BIA, will include representatives from Native American tribes and associations of individual Native American mineral owners, to deal with the affect on Native programs, communities and organizations. It will also include energy industry stakeholders and DOI officials. The DOI manages a large quantity of productive land held in trust for Native American tribes.
For further reference, check out this source:
Bureau of Indian Affairs