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February 25, 2013
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News for the oil and natural gas industry

  Top Story 
  • Coastal governors ramp up pressure on offshore energy bill
    A governors' group is pushing for legislation that would give coastal states a larger share of offshore energy revenues. The federal government is the sole recipient of such royalties at present. "This is a long-term revenue source for states, for the federal government, for the private sector," said Mississippi Gov. Phil Bryant. The Hill/E2 Wire blog (2/22) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Gulf states, feds work on Gulf spill settlement offer for BP
    BP would pay about $16 billion to settle Gulf of Mexico oil spill-related charges under a plan being crafted by Gulf Coast states and the Department of Justice, sources familiar with the matter said. The deal would cover payments under the Natural Resources Damage Assessment and possible Clean Water Act penalties owed by the company, the sources said. The Wall Street Journal (2/24) LinkedInFacebookTwitterEmail this Story
  • Chevron spends $349M to purchase Australian shale properties
    Chevron will spend up to $349 million to acquire shale natural gas assets in Australia from Beach Energy. The properties include 810,000 acres in Australia's Cooper Basin. "We have an industry-leading queue of LNG projects under development in Australia and this agreement provides an opportunity to explore a new, prospective basin and potentially add to our natural gas portfolio," Roy Krzywosinski, managing director of Chevron Australia. Fox Business/Dow Jones Newswires (2/24) LinkedInFacebookTwitterEmail this Story
  • Other News
  Exploration & Production 
  • Cline formation could be bigger than Eagle Ford, experts say
    The Cline Shale formation in West Texas could be bigger than prolific shale plays in Texas and North Dakota, observers say. The Cline play could contain about 30 billion barrels of oil in recoverable reserves, which is higher than the combined reserves estimates for the Eagle Ford Shale and Bakken Shale. "The big thing in the Cline is that results so far have been good," said Benjamin Shattuck, a Wood Mackenzie analyst. (2/24) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • Energy Dept. is urged to support more LNG exports
    The Department of Energy should support increased exports of liquefied natural gas as an aid to economic expansion and job creation, a bipartisan group of lawmakers said. "Expanding market access to producers will not only result in a wealth transfer from foreign countries to U.S. households but it will also encourage greater exploration and production activity," the lawmakers said. "This will grow the economy and create jobs." United Press International (2/22) LinkedInFacebookTwitterEmail this Story
  • Pickens, Bloomberg make case for fracking in N.Y.
    Energy tycoon T. Boone Pickens and New York City Mayor Michael Bloomberg touted hydraulic fracturing as New York state crafts its policies for the natural gas drilling technique. "It is up to the governor, but I personally have said we should be fracking, not in the watershed, but we should be fracking," Bloomberg said. Pickens said the evidence is on fracking's side. "There have been over 800,000 wells fracked in Oklahoma, Kansas and Texas, and there has been no evidence of anything being damaged. I think when the governor looks at everything, he will decide for fracking," Pickens said. SNL Financial (free content) (2/21) LinkedInFacebookTwitterEmail this Story
  API News 
  • API RP 571 Damage Mechanisms, April 16 to 18
    API RP 571 was created to help link these technologies and to provide better access to information that is located in one concise source covering damage mechanisms. This new recommended practice also aids in understanding damage being inspected for in API 510/570 and API Std. 653. Learn more. LinkedInFacebookTwitterEmail this Story
  • 79th Annual API Federal Tax Forum, April 29 and 30
    The forum is one of the only legal conferences focusing on federal oil and gas taxation and is consistently praised by participants as an excellent learning opportunity. It is open to private lawyers and accountants interested in this area and attracts speakers who are leading authorities in their fields. The topics covered at the forum are usually selected to address both basic and advanced issues on the U.S. taxation of domestic and international oil and gas operations. Learn more. LinkedInFacebookTwitterEmail this Story
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