Market value is a basic principle
underlying royalty valuation. Therefore, MMS has developed methods
to capture the true market value of crude oil produced from Federal
leases, both onshore and offshore. The regulations at 30 CFR Part
206, Subpart C, require companies to collect and/or submit
information used to value their Federal oil. MMS uses the
information colleclted to ensure that proper royalty is paid on oil
produced from Federal onshore and offshore leases.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.