Certain gas producers now eligible for major tax credit
- Petroleum Management Systems, Del City, OK (US)
Recent revisions have expanded Devonian eligibility and make the Non-conventional Fuel Tax Credit available for Devonian shale gas production in Oklahoma, Texas, and other areas of the nation. Nonconventionoal Fuel Tax Credits of 80 cents/MMBTU for gas produced from Devonian shale are widely utilized by producers in West Virginia, Ohio, and other states. Unfortunately, no producer had ever filed a Devonian shale application for Oklahoma or Texas prior to 1989. Producers in Oklahoma and Texas felt precluded from applying for the tax credit because of restrictive definitions in the original legislation. Initial regulations restricted the tax credit to production with a gamma ray index of 0.7 or greater for 95% of the total Devonian age stratigraphic interval encountered by the wellbore for shale deposited during the Paleozoic Devonian period.
- OSTI ID:
- 5457601
- Journal Information:
- Oil and Gas Journal; (USA), Vol. 87:31; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
29 ENERGY PLANNING
POLICY AND ECONOMY
02 PETROLEUM
OKLAHOMA
OIL SHALES
PETROLEUM INDUSTRY
TAX CREDITS
TEXAS
DEVONIAN PERIOD
OHIO
OIL SHALE DEPOSITS
PALEOZOIC ERA
REGULATIONS
STRATIGRAPHY
WEST VIRGINIA
BITUMINOUS MATERIALS
CARBONACEOUS MATERIALS
ENERGY SOURCES
FEDERAL REGION III
FEDERAL REGION V
FEDERAL REGION VI
FOSSIL FUELS
FUELS
GEOLOGIC AGES
GEOLOGIC DEPOSITS
GEOLOGY
INDUSTRY
MATERIALS
MINERAL RESOURCES
NORTH AMERICA
RESOURCES
USA
040800* - Oil Shales & Tar Sands- Economics
Industrial
& Business Aspects
290200 - Energy Planning & Policy- Economics & Sociology
042000 - Oil Shales & Tar Sands- Legislation & Regulations
021000 - Petroleum- Legislation & Regulations