MEXICO CITY (AP) — Mexico's Senate debated the final pieces of legislation Wednesday needed to enact a dramatic expansion of the role of foreign and private companies in the state-run oil industry.
The Senate was expected to approve the final packages of laws to regulate private oil and gas drilling that is being allowed for the first time since the industry was nationalized 76 years ago. The overhaul is supported by the governing Institutional Revolutionary Party, the conservative National Action Party and a smaller party that together can form a majority.
EOG Resources Inc. Tuesday reported a 7 percent increase in second quarter profit to $706 million on strong performance in North Dakota’s Bakken Shale and in Eagle Ford Shale and the Permian Basin in Texas, FuelFix reports.
The compromise in Colorado between environmentalists and the oil industry over controlling methane emissions from drilling could serve as an example for other parts of the country, according to Noble Energy CEO Chuck Davidson, FuelFix reports.
One reason why any future increase in interest rates may not trouble debt-ridden shale drillers is that a sizeable amount of their borrowing has been agreed under fixed rates, The Wall Street Journal reports.
A deal announced Monday by Colorado Gov. John Hickenlooper and Rep. Jared Polis to study local oil and gas siting conflicts appears to have averted an intra-party fight over controversial ballot initiatives that would have let communities ban hydraulic fracturing.
They agreed on the creation of an 18-member task force to make recommendations next year to the governor and state legislature on the regulation of the drilling practice, known as fracking, near homes, businesses and schools.
In return, Polis agreed to drop his support for the two initiatives that would amend the state constitution to set a 2,000-foot minimum setback for wells near occupied buildings, four times the current minimum, and allowed communities to set stricter drilling regulations than the state, including bans.
The offer by Continental Resources Ltd. to pay state taxes and royalty payments in North Dakota for natural gas it failed to burn off properly has been met with skepticism by lawyers for landowners and rights holders, suspicious that the plan is intended to limit the company’s liability, The Wall Street Journal reports.
Opening up more areas to offshore drilling -- including parts of the Pacific -- would generate around $160 billion over a period of less than 20 years, according to more than 160 Republican Congressmen who sent a letter to Interior Secretary Sally Jewell about her department’s updated plan for the Outer Continental Shelf, The Hill reports.
The three West Coast governors, all Democrats -- Jerry Brown of California, Jay Inslee of Washington and John Kitzhaber of Oregon -- have sent a letter to Interior Secretary Sally Jewell, expressing their opposition to including any oil or gas lease sales from their area in her department’s updated plan for the Outer Continental Shelf, The Associated Press reports.
NEW YORK (AP) — There are two energy sector companies among a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (www.renaissancecapital.com) and SEC filings.
ANCHORAGE, Alaska (AP) — An Alaska Native regional corporation and six Native Village corporations signed an agreement with a Shell Oil subsidiary Thursday that aims to share the profits from offshore drilling off Alaska's northwest coast.
Shell and the Arctic Slope Regional Corp. announced the formation of a new company called Arctic Inupiat Offshore LLC. Its participants include six village corporations on the North Slope. The agreement with the Shell subsidiary, Shell Gulf of Mexico Inc., gives the Alaska Native company the option of acquiring an overriding royalty interest from Shell's drilling on leases in the Chukchi Sea.
TransCanada –- the company that would build and operate the proposed Keystone XL pipeline – has filed a request with South Dakota to have the state reissue certification for the project since the original has expired, The Hill reports.
The Environmental Protection Agency has issued greenhouse gas permits to Castleton Commodities subsidiary CCI Corpus Christi for its planned condensate splitter plant and bulk petroleum terminal in the Texas city, FuelFix reports.
With the dollar down ahead of the Federal Reserve meeting this week, U.S. benchmark crude recovered from intraday losses. West Texas Intermediate gained 65 cents to settle at $92.92 a barrel on the Nymex in active trading, while in London the October contract for Brent crude wrapped up 46 cents down at $96.65, Bloomberg reports.
In a letter Monday posted in full as an ad in The International New York Times, 160 activists urged foundations to use their financial muscle to avert climate change by investing in low-carbon energy, divesting from fossil fuels and, as shareholders, pressuring companies from pursuing new reserves, E&E reports.
The Obama administration has consistently refused to put a moratorium on leasing public land to mining firms, as well as taking other steps at odds with Republican claims it has waged a war on coal, The Boston Globe reports.
Severe black lung disease was back up to 3.2 percent of the population of miners in West Virginia, Virginia and Kentucky in 2012 compared to a low of 0.4 percent in 1998, according to a study published Monday in the American Journal of Respiratory and Critical Care Medicine, The Wall Street Journal reports.
Duke Energy is committing to installing three solar facilities in North Carolina as well as signing power purchase deals with five other new solar projects in the state, for a total of 278 megawatts of capacity at a cost of $500 million, the Charlotte Business Journal reports.
The United Nations-sponsored climate summit in New York next week will play host to 125 heads of state including President Barack Obama, but not the leaders from Russia, China, Canada, India and Australia, according to a document the UN released over the weekend, The Hill reports.
Successful tests – in Canadian Maritime Provinces and in the U.S. as well -- point to the use of electric water heaters and space heaters linked to the grid through wireless controllers as a cheap method of storing excess energy like that generated from wind power, E&E reports.
Texas Board of Education member David Bradley will be pushing a skeptical position on climate change when new textbooks are due to be adopted in November, and he’ll apparently have a lot of material to choose from, National Journal reports.