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March 18, 2013
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News for the oil and natural gas industry

  Top Story 
 
  • API exec responds to Obama's alternative energy proposal
    The U.S. needs to establish an Energy Security Trust for the development of cleaner alternatives for transportation that would be financed by oil and natural gas leasing revenues, President Barack Obama said. "Eighty-three percent of federal lands and waters are still off limits to oil and natural gas development," Erik Milito, the American Petroleum Institute's upstream director said in response. "By failing to unlock new areas for energy production, the president's plan misses a golden opportunity to create jobs and generate billions of dollars in government revenue." Oil & Gas Journal (3/17) LinkedInFacebookTwitterEmail this Story
2013 - The Year Of The Utica Shale
With well permits in the Utica shale reaching a total of 548 this week, the rapidly developing Utica continues to make a name for itself as being one of the most lucrative emerging plays on the East Coast. The 2nd Annual Utica Shale Congress will hear from leading E&Ps who will deliver case studies on completions optimization, geological parameters & regulatory issues.
Register before March 22 & SAVE $200
  Industry News 
  • BP: Some Gulf spill damage claims are "absurd"
    BP is working to appeal the amount of Gulf of Mexico oil spill-related payments, saying some of the claims being paid are "absurd" and "fictitious." The U.K. oil major has allocated about $7.8 billion for the payouts, but it now anticipates a larger figure. "BP did not agree to pay what is already hundreds of millions of dollars, and potentially billions, to claimants with 'losses' that do not exist in reality," BP said. BBC (3/16) LinkedInFacebookTwitterEmail this Story
  • Rosetta spends $768M to acquire Comstock Texas assets
    Rosetta Resources will spend about $768 million to acquire 53,306 net acres in West Texas from Comstock Resources. The assets could hold about 145 million barrels of oil equivalent and currently produce approximately 3,300 barrels a day, Rosetta said. "This transaction provides entry into the prolific Permian Basin with both existing production and strong growth potential in proven delineated areas as well as prospective exploration targets on undeveloped acreage," said Jim Craddock, chairman and CEO of Rosetta. Bloomberg (3/15) LinkedInFacebookTwitterEmail this Story
  • BNK to get $147.5M from sale of Okla. assets to ExxonMobil
    BNK Petroleum will get about $147.5 million from the sale of most of its assets in the Tishomingo field in Oklahoma to ExxonMobil. The proceeds from the sale will be used to boost drilling in the Caney play in the field and to pursue European exploration opportunities, BNK said. Bloomberg (3/17) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Exploration & Production 
  • House may vote on Keystone XL bill before Memorial Day
    House Republican leaders are seeking to vote by the end of May on a bill that would green-light TransCanada's Keystone XL pipeline. "It is about energy independence for North America," said Rep. Fred Upton, R-Mich. "I know the president is in his home state of Illinois today and he is going to talk about energy issues, and I think this is one of the key parts of any energy package or plan or vision," said Rep. Lee Terry, R-Neb., the bill's primary sponsor. The Hill/E2 Wire blog (3/15) LinkedInFacebookTwitterEmail this Story
  • Nighthawk Energy is bullish on Colo. drilling project
    The Smoky Hill project in Colorado could contain as much as 14.5 million barrels in oil reserves, according to Nighthawk Energy. This comes after the company's Steamboat Hansen 8-10 well on the site yielded over 22,000 barrels of oil in testing from November 2012 to February. Nighthawk seeks to drill more wells in the area this year, said Chairman Stephen Gutteridge. United Press International (3/15) LinkedInFacebookTwitterEmail this Story
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  Refining & Marketing 
  • Hyperion considers new air permit for planned S.D. refinery
    Hyperion Refining is studying submitting a new air permit application in South Dakota for the construction of a $10 billion refinery instead of seeking an extension, company officials said. The proposed plant would process 400,000 barrels of Canadian tar sands crude oil into various fuels. "While there are advantages and disadvantages to both approaches, the state officials expressed a clear preference that we come in with a new permit," said Preston Phillips, vice president of Hyperion. SeattlePI.com/The Associated Press (3/15) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • Obama's pick for Interior chief offers insight about fracking
    Natural gas has an important role in the country's energy economy, but it is necessary for the public to have full confidence that hydraulic fracturing is carried out safely, said Sally Jewell, President Barack Obama's nominee to lead the Department of the Interior. Jewell also said she would urge the Bureau of Land Management to concentrate on "reasonable requirements" for the drilling technique. "I would encourage knowledge-sharing between the BLM and states to assure that the best available science is used to support safe and responsible resource development, whether on private, state, or federal land," Jewell said. Platts (3/15) LinkedInFacebookTwitterEmail this Story
  • Ill. fracking proponents agree on fees, drilling taxes
    Supporters of a hydraulic fracturing bill in Illinois have come to terms about fees and extraction taxes. Under the plan, drillers need to pay $13,000 up front per well, with $2,000 going to the Illinois Environmental Protection Agency and $11,000 going to the state Department of Natural Resources. Well operators would also pay a 3% "severance" tax during the first two years of activity. Shale Reporter/The Associated Press (3/15) LinkedInFacebookTwitterEmail this Story
  API News 
  • 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
  • API-U
    API-U offers training any way you want it, anywhere you want it. Attend one of our instructor-led classes designed to help you get more out of API Standards, or choose from more than 140 of our e-Learning courses in mechanical maintenance, electrical maintenance, instrumentation and control, industrial math, and science and safety. Learn more. LinkedInFacebookTwitterEmail this Story
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