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House Bill 7377
118th Congress(2023-2024)
Royalty Resiliency Act
Became Law
Became Law
Became Public Law 118-81 on Sep 20, 2024
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H. R. 7377 (Received-in-Senate)


118th CONGRESS
2d Session
H. R. 7377

IN THE SENATE OF THE UNITED STATES

July 23, 2024

Received

AN ACT

To amend the Federal Oil and Gas Royalty Management Act of 1982 to improve the management of royalties from oil and gas leases, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Royalty Resiliency Act”.

SEC. 2. Determination of allocations of production for units and communitization agreements.

Section 111(j) of the Federal Oil and Gas Royalty Management Act of 1982 (30 U.S.C. 1721(j)), as amended by the Federal Oil and Gas Royalty Simplification and Fairness Act of 1996 (Public Law 104–185), is amended to read as follows:

“(j) The Secretary shall issue all determinations of allocations of production for units and communitization agreements within 120 days of a request for determination. Until the Secretary issues the determination, the lessee or its designee of a lease in a unit or communitization agreement shall report and pay royalties on oil and gas production for each production month in accordance with the terms of the proposed allocation of production for the unit or communitization agreement. After the Secretary issues the determination, the lessee or its designee shall, as necessary, correct such reports and the amount of royalties paid on oil and gas production under the unit or communitization agreement by not later than the end of the third month following the month in which the lessee or its designee receives the determination from the Secretary. Subject to the full and timely monthly payment of royalties to all parties in accordance with the terms of the proposed allocation of production for the unit or communitization agreement, the Secretary shall waive interest due on obligations subject to the determination until the end of the third month following the month in which the lessee or its designee receives the determination from the Secretary. This subsection shall not apply to unit or communization agreements containing Indian lands.”.

Passed the House of Representatives July 22, 2024.

    Attest:kevin f. mccumber,   
    Clerk.