Environmental groups opposed to offshore drilling sued the federal government on Dec. 11 to prevent future seismic tests for oil and gas deposits in Atlantic waters off the U.S. East Coast. Seismic testing, which uses air gun blasts, violates federal laws that protect marine mammals, endangered species and national environmental policy, according to the lawsuit filed in U.S. District Court in Charleston, South Carolina, against U.S. Secretary of Commerce Wilbur Ross and the National Marine Fisheries Service. The U.S. fisheries service in November gave initial permission to five companies to conduct seismic airgun tests beneath a vast region off the East Coast. The permits allow marine wildlife to be harassed but not killed.
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Kurt Knaus Spokesman Pennsylvania Energy Infrastructure Alliance … … Mariner East opponents have lost and lost miserably. Their latest maneuver before a previously empathetic PUC Administrative Law Judge Barnes just died. An administrative law judge (ALJ) with the Pennsylvania Public … Continue reading
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EOG Resources Inc. (NYSE: EOG) recently put a chunk of its South Texas position on the market as the Houston-based E&P works toward strengthening its balance sheet by paying down debt. The South Texas asset package, being marketed for sale by TenOaks Energy Advisors LLC, comprises operational control in legacy fields covering 15,621 gross (13,681 net) acres. The largely contiguous, conventional asset in the prolific Frio trend area is projected to generate roughly $8.3 million of cash flow, according to TenOaks. While speaking at a conference last month, EOG’s COO, Billy Helms, said the company has laid out a strategy to strengthen its balance sheet and, as a result, plans to pay down about $3 billion of debt through 2021. As of Sept. 30, the company’s total debt outstanding was $6.4 billion and had generated more than $1 billion of free cash flow for the year.
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Bill desRosiers External Affairs Coordinator, Cabot Oil & Gas The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM and Sundays on YesFM, talked about oil prices, Great Lakes pipeline, Qatar switch to natural gas and much … Continue reading
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On July 1, 2018, López Obrador won the Mexican presidency and his party obtained a congressional majority—sufficient to enact legislation, but not to amend the Constitution. The new president has made few statements on energy reform. Andrés Manuel López Obrador’s advisers differ about energy reform: Some say it will remain untouched, while Secretary of Energy Rocio Nehal has called for partial counter-reform. Other voices anticipate amendments that will return Pemex to a semi-regulator role, bypassing the independent agency created in 2013. In light of this, it is relevant to review the legal framework governing investors’ oil development contracts.
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Jim Willis Editor & Publisher, Marcellus Drilling News (MDN) The Clean Air Council attacked Mariner East land condemnations as a way to frustrate pipeline development, but Pennsylvania Supreme Court just nixed it all. One of the ways anti-fossil fuel groups have … Continue reading
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Tom Shepstone Shepstone Management Company, Inc. … … Upstate New York has the misfortune of being in a state where one city dominates everything, saddling everyone else with the heavy burden of New York City. Upstate New York is going … Continue reading
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Despite President Donald Trump’s persistent calls for OPEC to not lower production, the 15-member oil cartel’s decision to reduce supply on Dec. 7 will ultimately be good for U.S. oil production, a senior oil market analyst told Hart Energy. OPEC ended two-days of intense talks in Vienna, Austria, with the expected decision to reduce oil supply by 1.2 million barrels per day (MMbbl/d) beginning in January. The immediate response was that oil prices jumped 5% as Benchmark Brent crude oil rose $3.26 to a high of $63.32 early on Dec. 7 and U.S. light crude rose $2.62 to a high of $54.11 before slipping to around $53.90.
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