The federal Cooperative Agreement award, funded by the U.S. Department of the Interior's Interior Business Center under the Federal Oil and Gas Royalty Management State and Tribal Coordination program (CFDA 15.427), provides $2,342,901 to the New Mexico Taxation & Revenue Department to conduct audits and compliance reviews of oil and gas royalty payments made to the Office of Natural Resources Revenue (ONRR) for leased federal lands within the state. The three-year agreement, effective July 1, 2024, delegates authority to the state to examine company records and ensure compliance with applicable federal statutes, regulations, lease terms, and policies. The state develops an annual audit and compliance review work plan that is closely monitored by ONRR to verify proper accounting of royalty payments from energy resource development on public lands, ultimately benefiting the U.S. Treasury and funding important federal programs.
Generated 3/4/25, 8:20 AM