Regulatory – Page 78 – Oil & Gas 360

Harvest Natural Resources Announces Agreement to Sell Venezuelan Properties

December 16, 2013

Harvest Natural Resources, Inc., (ticker: HNR) headquartered in Houston, Texas, is an independent energy company with primary assets in Venezuela, exploration assets in Indonesia, West Africa and China. On December 16, 2013, Harvest Natural Resources confirmed it had closed the first phase of a two-phase process to sell its assets in Venezuela and received $125 million ($122 million net), as

LNG Fuel Increases Footprint, Expected to Stake Claim in New York

December 3, 2013

According to the Associated Press, The Department of Environmental Conservation has drafted regulations that will allow the buildout of LNG truck-fueling stations and other types of LNG storage plants. The agency expects the plans to be finalized by early next year and estimates about 21 fueling stations will be built over the next five years. LNG has become an increasingly

ERHC Energy in Process of Completing Airborne Gravity Survey in its Kenya 11-A Block; Neighboring Operators Announce a Fifth Oil Discovery

November 26, 2013

ERHC Energy Inc. (ticker: ERHE) is a publicly traded American company with oil and gas assets in Sub-Saharan Africa. Over the last two years, ERHC has acquired exploration blocks in Chad and Kenya to complement its existing offshore blocks in the Joint Development Zone offshore São Tome and Principé. On November 22, 2013, Tullow Oil (ticker: TLW) announced the Agete-1

California Governor Giving Science a Chance

October 30, 2013

Jerry Brown, the Democratic Governor of California, signed a bill on September 11, 2013, enacting strict measures on hydraulic fracturing in the state. The bill, which he describes as “the most comprehensive of any in the country,” requires drilling companies to extensively disclosure fracing materials and processes. Known as SB 4, requirements will go into effect on January 1, 2015.

Petrobras Announces Production Sharing Contract with Four Companies, Prepares to Develop Libra Basin

October 23, 2013

Petróleo Brasileiro S.A., or Petrobras (ticker: PBR), is the state-run oil company of Brazil and has operations in 24 countries across five continents. It is the largest producer in South America and participates in E&P, refining, trade, transportation, petrochemicals, oil distribution, electricity, biofuels, and sources of renewable energy. PBR celebrated its 60th anniversary on October 3, 2013. On October 21,

Occidental Petroleum Pursuing Sale of Assets to Right-Size Company

October 21, 2013

Occidental Petroleum Corporation (ticker: OXY) is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is one of the largest U.S. oil and gas companies, based on equity market capitalization. On October 18, 2013, Occidental Petroleum announced initial actions, per its strategic review, to streamline and

Europe Unwilling to Accept Fracture Stimulation Despite Being Mired in Energy Crisis

October 18, 2013

Means of energy acquisition in Europe is a common topic, but the popularity of the subject has increased in recent years due to the United States shale boom. Fracture stimulation operations has spurred tremendous energy growth in the U.S. backed by glowing reports claiming the country will surpass Russia as the top oil producer, become a net gas exporter by

California Invests in Hydrogen as Fracing Laws Cloud State’s Energy Future

October 14, 2013

On September 28, 2013, the state of California approved a bill that will spend $20 million per year on hydrogen fuel stations until 2024. The measure, labeled Assembly Bill 8 (AB8), will commence until 100 fuel stations are constructed. Only 227 hydrogen-fueled vehicles are currently in the state, and the bill funding will come from California residents through “smog abatement”

Natural Gas: Beats Coal and Nuclear on Economic and Environmental Levels

October 7, 2013

Oil production alone has risen 34% since 2005, and the US continues to be the world’s chief producer of natural gas. Despite the surge in hydrocarbon resources, the coal industry is suffering. The vast natural gas supply unlocked by hydraulic fracturing and horizontal drilling has pushed prices below $4.00 per MMbtu. The low price of natural gas has made it

Mexico’s Oil Industry Reform Could Open Doors for International Investors; A Potential Game Changer for Long-term Country Stability?

September 25, 2013

America’s oil business is booming, thanks to breakthrough techniques and heightened E&P. To the south, Mexico is struggling, and its shortage of fuel is becoming a concern. The head of Mexico’s oil production is state-owned Petróleos Mexicanos, or Pemex. Mexico has become a major non-OPEC oil producer, exporting $40 billion in crude oil per year to the United States. Pemex

California Fracing Bill Could Slow Monterey Shale Production

September 13, 2013

On September 11, 2013, the California Assembly passed a law attempting to regulate fracing in the state’s Monterey shale. The bill, listed as Senate Bill 4 (SB 4), will go into effect on January 1, 2015. SB 4 will require companies to apply for a fracing permit, disclose what chemicals and well stimulation fluids they were using, and notify local

Japan and India Create LNG Buyer’s Group in Hopes of Luring Additional Imports

September 10, 2013

The governments of Japan and India announced on September 9, 2013, a joint buyer’s group agreement to increase the importation of liquefied natural gas (LNG) in an attempt to offset their rising energy prices. According to Mari Iwata’s report in The Wall Street Journal, the countries plan to ask fellow importers, such as South Korea and Singapore, to join the

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