Certain gas producers now eligible for major tax credit

Journal Article · Mon Jul 31 04:00:00 EDT 1989 · Oil and Gas Journal; (USA)

OSTI ID:5457601

Lewis, F W; Osburn, A S ^[1]

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1. 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), Journal Name: Oil and Gas Journal; (USA) Vol. 87:31; ISSN 0030-1388; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
021000 -- Petroleum-- Legislation & Regulations
04 OIL SHALES AND TAR SANDS
040800* -- Oil Shales & Tar Sands-- Economics
Industrial
& Business Aspects
042000 -- Oil Shales & Tar Sands-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
BITUMINOUS MATERIALS
CARBONACEOUS MATERIALS
DEVONIAN PERIOD
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
OHIO
OIL SHALE DEPOSITS
OIL SHALES
OKLAHOMA
PALEOZOIC ERA
PETROLEUM INDUSTRY
REGULATIONS
RESOURCES
STRATIGRAPHY
TAX CREDITS
TEXAS
USA
WEST VIRGINIA