Interior Department Creates Office To Collect Oil, Gas Revenue
Published: Oct 01, 2010
By Tennille Tracy
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The U.S. Interior Department is taking steps to eliminate conflicts of interest within its various branches in the wake of the Deepwater Horizon oil spill, announcing Friday it has created a new office to collect billions of dollars in oil and gas revenue.
The newly formed Office of Natural Resources Revenue will take over revenue collection from the offshore-drilling regulatory branch, known as the Bureau of Ocean Energy Management, Regulation and Enforcement. That agency formerly oversaw both revenue collection and permit approvals.
Last year, the bureau disbursed more than $10.6 billion of revenue to the U.S. Treasury, as well as state, American Indian and special-use accounts.
"This is significant not only for moving forward with our overall reorganization, but also for the American taxpayers, whose interests will be better protected by the improved collection and management of revenues," said Interior Secretary Ken Salazar in a statement.
The creation of the new revenue office is part of a broader reorganization launched by Salazar in May.
-By Tennille Tracy, Dow Jones Newswires; 202-862-6619; email@example.com