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MarketWatch: Shell oil CEO says more offshore oil revenues for gulf states

Mar 28, 2006
CORPUS CHRISTI, Texas (MarketWatch) — U.S. states bordering the Gulf of Mexico should receive a larger share of oil and gas royalties collected from the federal offshore areas, Royal Dutch Shell PLC's (RDSB.LN) top U.S. executive said Tuesday.
“We believe Congress should enact comprehensive (Offshore Continental Shelf) budget sharing legislation to appropriately compensate states, such as Louisiana, that shoulder the burden of oil and gas development,” said John Hofmeister, president of Shell Oil Co., at a meeting of U.S. and Mexican governors.
Louisiana Gov. Kathleen Blanco has recently insisted that the U.S. Minerals Management Service, a branch of the Interior Department, hand over 50% of revenue collected from oil and gas production in offshore Louisiana.
That amount, which could reach up $2.5 billion annually, would be used to help restore the state's coastal wetlands and protect coastal communities from hurricanes.
Shell is one of the largest producers of hydrocarbons in the Gulf of Mexico. The company relocated about 1,000 employees to its New Orleans office, which had been evacuated after Hurricane Katrina struck last summer.
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