Regulatory Archives - Page 8 of 84 -

States sue BOEM over “egregious” $7 billion decommissioning rule targeting small oil and gas companies

June 18, 2024

World Oil (WO) – Texas, Louisiana, and Mississippi have sued the U.S. government to block a proposed rule by the Biden administration that would require offshore oil and gas companies to provide nearly $7 billion in financial assurances for decommissioning old infrastructure. The decommissioning rule, targeting smaller companies lacking investment-grade ratings or sufficient proven reserves, supposedly “protects” taxpayers from covering

US judge dismisses Exxon case against activist investor over proxy filing

June 18, 2024

BOE Report A U.S. judge on Monday dismissed a lawsuit Exxon Mobil had filed against activist group Arjuna Capital after the group had agreed not to pursue future proxy filings at the company’s annual meetings. The lawsuit by the largest U.S. oil company had raised alarm among activists and public pension investors who argued it would muzzle debate among shareholders and public

Russia dethrones U.S. as top EU natural gas supplier

June 17, 2024

Oil Price Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot. “It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made to decouple and

Mountain Valley gets regulator’s approval for US natural gas pipeline

June 12, 2024

Reuters Mountain Valley can begin operating its $7.85 billion Virginia natural gas pipeline after receiving approval from the U.S. Federal Energy Regulatory Commission (FERC) according to a filing on Tuesday. The Mountain Valley project, the only big gas pipeline under construction in the U.S. Northeast, has encountered numerous regulatory and court fights that have stopped work several times since construction

Court allows New Mexico oil pollution lawsuit to move ahead

June 11, 2024

Oil Price A district court in New Mexico has allowed a lawsuit to proceed against the state’s governor, legislature, and agencies for failing to uphold their state constitutional duty to protect against pollution from oil and gas drilling. The lawsuit, Atencio v. State, was filed by indigenous and environmental groups in 2023, claiming that the state of New Mexico and other

Climate activist investor Arjuna Capital withdraws ExxonMobil shareholder proposal with promises to “back off”

May 28, 2024

World Oil (Bloomberg) – The Exxon Mobil Corp. investor that the oil giant is suing for its climate-related shareholder proposal is promising not to file similar motions in the future in a bid to get the legal action dropped. While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse-gas emissions cuts that was at issue in the lawsuit,

Canada could lose $55 billion in oil investment if emissions cap Is implemented

May 28, 2024

Oil Price Canada’s oil and gas industry could lose US$55 billion (C$75 billion) in upstream investment by 2035 if the federal government implements a stringent 40% emissions cap from 2030, the Canadian Association of Petroleum Producer (CAPP) says, citing a report by S&P Global Commodity Insights it had commissioned. At the end of last year, Canada’s federal government introduced a draft framework to

Texas oil and gas regulator admonishes Biden administration’s recent use of Endangered Species Act

May 24, 2024

World Oil (AUSTIN) – On May 17, 2024, the U.S. Department of Fish and Wildlife Services (USFWS) announced it would be listing the Dune Sagebrush Lizard as an endangered species under the Endanger Species Act (ESA). The Biden Administration made this designation, despite years of public and private collaborative efforts protecting the lizard, which have resulted in increased land conservation

Exxon case against activist shareholder can proceed, US judge rules

May 22, 2024

CNBC A federal judge in Texas on Wednesday said ExxonMobil can sue to bar a climate change proposal from an activist investor, in a case that has raised concerns about its future effect on shareholder resolutions. U.S. District Judge Mark Pittman for the Northern District of Texas ruled that Exxon’s lawsuit can proceed against Boston-based Arjuna Capital, but dismissed the oil major’s

Oil and gas trade groups sue BLM over “deficient” final leasing rule

May 20, 2024

World Oil (WO) – The Western Energy Alliance, the Independent Petroleum Association of New Mexico, New Mexico Oil and Gas Association, North Dakota Petroleum Council, Petroleum Association of Wyoming, and Utah Petroleum Association filed a lawsuit challenging the Bureau of Land Management’s (BLM) Fluid Mineral Leases and Leasing Process rule in the U.S. District Court for the District of Wyoming.

Oil and gas trade group raises “serious concerns” about Biden’s revised greenhouse gas reporting rule

May 7, 2024

World Oil (WO) – In October 2023, the American Petroleum Institute (API) urged the Biden administration to revise the proposed Subpart W greenhouse gas (GHG) reporting rule so that it reflects the progress the oil and gas industry has made to reduce emissions, increases reporting transparency and accuracy, and incentivizes empirical data innovations and cost-effective methane detection technologies. Today, API

US restricts drilling and mining in Alaska wilderness, angering state leaders

April 19, 2024

US News The Biden administration on Friday took steps to limit both oil and gas drilling and mining in Alaska, angering state officials who said the restrictions will cost jobs and make the U.S. reliant on foreign resources, but pleasing environmentalists. The measures are aligned with President Joe Biden’s efforts to rein in oil and gas activities on public lands

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