US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments

The U.S. Department of Interior has proposed allowing oil and gas companies to delay royalty payments due to the impacts of the new coronavirus pandemic.

According to the web site of the White House Office of Management and Budget, Interior's Office of Natural Resources Revenue on May 20 sent a proposed rule titled "ONRR Reporting and Royalty Payment Delay Related to Coronavirus Disease 2019 (COVID-19)." Details of the proposal were not available.

Interior Department officials were not immediately available for comment.

(Reporting by Nichola Groom, Editing by Franklin Paul)