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Oil and gas law practitioners usually fall into three broad categories. First, oil and gas companies usually have in-house attorneys that advise the company of its rights and the legal issues. These attorneys are usually assisted by landmen, who examine property titles, land oil and gas rights, and acquire property for the company. Landmen may ...
Mineral estate. Owning mineral rights (often referred to as a "mineral interest" or a "mineral estate") gives the owner the right to exploit, mine, or produce any or all minerals they own. Minerals can refer to oil, gas, coal, metal ores, stones, sands, or salts. An owner of mineral rights may sell, lease, or donate those minerals to any person ...
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia .
From 1954 to 2023, federal offshore tracts produced 21.4 billion barrels (3.4 × 10 9 m 3) of oil and 195 trillion cubic feet (5.5 × 10 12 m 3) of natural gas. In recent years, the Gulf of Mexico alone accounted for about 15% of all domestic oil production and 2% of domestic natural gas production. Despite some fluctuations due to new deep ...
The oil depletion allowance in American (US) tax law is an allowance claimable by anyone with an economic interest in a mineral deposit or standing timber. [1] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
US$7.86 billion [1] (2022) Owner. John B. Hess (9.5%) [2] Number of employees. 1,623 [1] (2022) Website. hess .com. Hess Corporation (formerly Amerada Hess Corporation) is an American global independent energy company involved in the exploration and production of crude oil and natural gas. [3] It was formed by the merger of Hess Oil and ...
The Minerals Management Service was created on January 19, 1982. In January 1983, Congress passed the Federal Oil and Gas Royalty Management Act with the stated purpose:. To ensure that all oil and gas originated on the public lands and on the Outer Continental Shelf are properly accounted for under the direction of the Secretary of the Interior, and for other purposes.
In the oil and gas industry, a farmout agreement is an agreement entered into by the owner of one or more mineral leases, called the "farmor", and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services, called the "farmee." The typical service described in farmout agreements is ...