Mineral Revenues

In fiscal year 2008, the Departmentof Interior's Minerals ManagementService (MMS) collected over $12billion in royalties from oil and gasproduction from federal lands andwaters. Companies that producethis oil and gas self-report to MMSdata on the amount of oil and gasthey produced and sold, the valueof this production, and the amountof royalties owed. Since 2004, GAOhas noted systemic problems withthese data and recommendedimprovements. GAO is providing:(1) a descriptive update on MMS'skey efforts to improve the accuracyof oil and gas royalty data; (2) ourassessment of the completenessand reasonableness of fiscal years2006 and 2007 oil and gas royaltydata-the latest data available; and(3) factors identified by oil and gascompanies that affect their abilityto accurately report royalties owedto the federal government.To prevent erroneous data frombeing entered into MMS databasesand to check the quality of dataalready entered,

Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación