NTL-5 Gas Royalty Act of 1987

Summary

NTL-5 Gas Royalty Act of 1987 - Sets forth a royalty calculation for certain Federal onshore oil and gas leases and for certain Indian leases (for the period from January 1, 1982, through July 31, 1986), under which the value of gas production shall be determined in accordance with specified lease terms and Federal regulations in effect at the time of production. Prescribes guidelines for the refund of previously paid royalties. Applies this Act only to leases for which documentation shows that the lessee or royalty payor received less than the highest applicable price under the Natural Gas Policy Act as a result of market conditions or considerations. Requires the Secretary of the Interior to notify the affected lessees and royalty payors of the provisions of this Act and to publish such notification in the Federal Register. Sets forth procedures for case-by-case audits of such leases by the Secretary to determine the amount of refunds due and payable under this Act. Mandates that the Secretary report to each Indian tribe holding specified Indian oil or gas leases regarding the difference between royalties computed under a certain Notice (NTL-5) and royalties computed in accordance with this Act. Requires lessees and payors to maintain records related to the value of gas production to which this Act applies for the period January 1, 1982, through July 31, 1986.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 23 October 1987

   Referred

   Referred to Subcommittee on Mineral Resources and Development.

   Source: Committee

2. 23 October 1987

   Introduced

   Read twice and referred to the Committee on Energy and Natural Resources.

   Source: IntroReferral

3. 23 October 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 29 October 1987

   Committee

   Committee on Energy and Natural Resources requested executive comment from Department of the Interior, OMB.

   Source: Committee

5. 17 November 1987

   Committee

   Committee on Energy and Natural Resources received executive comment from Interior Department. Favorable.

   Source: Committee

6. 2 December 1987

   Reported

   Committee on Energy and Natural Resources. Ordered favorably reported H.R. 3479 in lieu of this measure.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 23 October 1987

  Open at official source

Sponsors

• Sen. Melcher, John [D-MT] · D · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Wirth, Timothy [D-CO] · D · Cosponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Cosponsor
• Sen. Hecht, Chic [R-NV] · R · Cosponsor
• Sen. Simpson, Alan K. [R-WY] · R · Cosponsor
• · sseg00 · Standing

Related records

• related to → Notice to Lessees No. 5 Gas Royalty Act of 1987