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February 22, 2013

News for the oil and natural gas industry

Top Story

API, others seek to overturn appeals court ruling on E15
The U.S. Supreme Court should review an appellate court's ruling that supported the Environmental Protection Agency's approval of E15 in vehicle model years 2001 and newer, according to a coalition of industry groups including the American Petroleum Institute. "Had EPA stayed within its statutory authority and followed proper procedures, it would have waited until ongoing E15 testing on engines and fuel systems was completed before allowing the use of E15," said Bob Greco, API's downstream and industry operations director. "Then it would have discovered that E15 is not safe for millions of vehicles now on the road." The Hill/RegWatch blog (2/21), Reuters (2/21)

Industry News

Court excludes certain criminal evidence against BP in oil spill trial
BP won a federal court ruling to exclude some documents related to its criminal plea in the 2010 Gulf of Mexico oil spill from an upcoming hearing. The U.K. oil major argued that such documents, which include claims by federal prosecutors against the company, couldn't be used in the trial as they were "hearsay." Bloomberg Businessweek (2/21)

Execs tout role of Appalachia in driving growth
Several energy executives touted the role of Appalachian natural gas drilling in spurring growth for their companies. "Most of our production and our reserves are in the Marcellus, that's really a result of investing a tremendous amount of capital over the last two years," said J. Russell Porter, president and CEO of Gastar Exploration. "Appalachia has treated us very well," said John Walker, president and CEO of Enervest. The State Journal (Charleston, W.Va.) (2/21)

Linn Energy spends $2.5 billion to acquire Berry Petroleum
Linn Energy will spend about $2.5 billion in stock to acquire Berry Petroleum. Linn expects the transaction to expand its foothold in California, the Rockies and the Permian Basin and lead to a 30% increase in production. The Charlotte Observer (N.C.)/The Associated Press (2/21)

Exploration & Production

Sources: Exxon could start Irish offshore drilling project in April
ExxonMobil could begin offshore drilling operations in the Dunquin prospect in Ireland as soon as April, according to industry sources. The site could contain about 4 billion barrels of oil, estimates show. Exxon holds a 27.5% stake in the prospect, while Eni, Repsol, Providence and Sosina own the remaining shares. The Irish Times (Dublin) (2/22)

Chesapeake Energy gives bullish production estimates for Utica wells
Chesapeake Energy expects to ultimately recover 5 to 10 billion cubic feet equivalent from its wells in Ohio's Utica Shale play. The company has drilled 184 wells in the formation as of Dec. 31, 2012, 45 of which are producing. The formation "will be solid for a lot of years to come," said Steve Dixon, a spokesman for the company. Akron Beacon Journal (Ohio) (2/21)

Policy Watch

Emissions bill won't advance in Senate, Gerard says
A bill unveiled by Sens. Barbara Boxer, D-Calif., and Bernie Sanders, I-Vt., that would place fees on coal and petroleum emissions won't advance in the Senate, said Jack Gerard, president and CEO of the American Petroleum Institute. "I think no, it will not get to the floor, and I think the reason it won't get to the floor is the dynamics surrounding carbon has changed," he said. The U.S. natural gas production boom has helped reduce the country's emissions without legislation, Gerard added. The Hill/E2 Wire blog (2/21)

Interior chief signs NPR-A management proposal
Interior Secretary Ken Salazar has signed a new management plan for the National Petroleum Reserve-Alaska, which balances oil and natural gas development with conservation in the sprawling 23-million-acre reserve. "This comprehensive plan will allow us to continue to expand our leasing in the NPR-A, as has happened over the last three years, while protecting the outstanding and unique resources that are critically important to the culture and subsistence lifestyle of Alaska Natives and our nation's conservation heritage," Salazar said. ABC News/The Associated Press (2/21)

House Republicans tout benefits of Keystone XL project
TransCanada's Keystone XL pipeline would help U.S. consumers cope with higher fuel prices, House Republicans said. The project would also guard against supply disruptions abroad and give the country wider crude oil access, members of the House Energy and Commerce Committee said. United Press International (2/21)

Ill. lawmakers introduce fracking bill with strict provisions
Illinois lawmakers have proposed legislation containing what would be the toughest policies in the country for hydraulic fracturing. Under the bill, energy firms need to perform rigorous water testing, disclose fracking chemicals and mitigate air pollution. "The revenue that this is going to generate for the entire state of Illinois ... is going to be maybe one of the things we need to get out of our financial challenges that we face in this state," said state Rep. David Reis, one of the bill's co-sponsors. SeattlePI.com/The Associated Press (2/21)

API News

API Specification Q1 Training, TIEC, Feb. 26 and 27
In two information-packed days you'll get an overview of the requirements of API Spec Q1, what makes it so valuable and why you need to know about these essential elements of the program. Based on API Specification Q1, Specification for Quality Programs for the Petroleum, Petrochemical and Natural Gas Industry, the course takes an informative look at the requirements, interpretations and practical applications of the quality management principles used throughout the oil and natural gas industry. Learn more.

Another chance to support U.S. natural gas exports

The Obama administration is asking for a second round of comments to get your thoughts on liquefied natural gas exports. Thanks to our abundant natural gas resources, America has a multibillion-dollar opportunity at its fingertips. According to a recent Department of Energy study, LNG exports have the potential to generate up to $47 billion in new economic activity in the U.S. by 2020. Don't wait: Tell the Department of Energy that we can't miss this opportunity to tap into our LNG potential.

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