The Office of Natural Resources Revenue (ONRR) is delaying the effective date of its "2020 Valuation Reform and Civil Penalty Rule" from February 16, 2021, to April 16, 2021. This decision follows the January 20, 2021, White House directive to pause and review pending regulations, ensuring they properly consider applicable laws and policies. The delay also opens a 30-day comment period for public input on the rule's legal and policy foundations and the impact of the delay itself. The ONRR hopes to gather feedback on various concerns, particularly how recent changes in Executive Orders and potential adjustments to royalty calculations might affect the rule.
Simple Explanation
The government is taking more time to think about some new money rules for natural resources, and they want people to tell them what they think about this delay and the rules themselves.