Part 1: What is NTL No. 2016-N01? In July an agency under the executive branch of the U.S. government delivered what might be a killshot for a portion of the leaseholders and operators working to extract oil and natural gas from the deepwater U.S. outer continental shelf (OCS). It looks innocuous enough. A memo entitled “Requiring Additional Security” that was
U.S. Offshore Drilling Changes Drastically after Sept. 12, 2016 – Part 1 In July an agency under the executive branch of the U.S. government delivered what might be a killshot for a portion of the leaseholders and operators working to extract oil and natural gas from the U.S. outer continental shelf (OCS). It looks innocuous enough. A memo entitled “Requiring Additional
Demand could outpace supply by 225 billion barrels by the end of this decade “You all have been steeping in unconventionals. It truly has been a revolution, but I want to provide something different for you today,” Bill Armstrong, president and CEO of Armstrong Oil & Gas, said to the audience at EnerCom’s The Oil & Gas Conference Monday in Denver,
“We’re not a shale player. If you look at the amount of global crude oil production from conventional resources, it dwarfs production from shale. We believe our 750,000-plus acreage position (located on Alaska’s North Slope between the Kuparuk River and Collville River units) alone has a DeGolyer & MacNaughton-estimated 5.69 billion barrels of contingent resources,” said Bill Armstrong founder of
Both the House and Senate passed versions of a new bill to overhaul the state’s oil and gas tax credits After intense bargaining and twelve versions of the bill, Alaska legislators in separate votes Monday approved changes to the state’s oil and gas tax credits as the state struggles with declining oil and gas revenues. House Bill 247 passed 21-19,
From the AP/News-Miner JUNEAU, Alaska (AP) – An Alaska legislative committee on Tuesday unveiled a draft oil and gas tax credit bill aimed at breaking an impasse that helped send lawmakers into overtime, proposing to phase out most existing credits and calling for a new tax structure for Cook Inlet by 2019. But it received a muted response from some
ConocoPhillips expects peak production of 16 MBOPD from National Petroleum Reserves Oil began to flow for the first time from Alaska’s National Petroleum Reserves this week since President Warren G. Harding dedicated the resources as an emergency supply of oil for the U.S. in 1923. The North Slope project, operated by ConocoPhillips (ticker: COP, ConocoPhillips.com), is expected to produce 16
Lower severance taxes are severely squeezing budgets in oil producing states, some to “revenue failure” Severance taxes on oil and gas extraction make up a significant portion of the budgets of a number of states in the U.S., but the rapid decline of prices since November of 2014, has put several of those states in a bind as they prepare
“This is a major paradigm shift in how the State of Alaska conducts business” – Governor Walker Lower commodity prices have taken a major toll on states like Alaska that depend in large part on the revenue from selling oil and gas to fund the state budget. Because of the drop in oil prices since 2014, Alaska Governor Bill Walker
Alaska hopes to make $400 million more per year after buying TransCanada’s share of the project Last week Alaska Governor Bill Walker said that the decision to purchase TransCanada’s share of the project was the “number-one get-well card” for Alaska’s $3.5 billion budget deficit. “Today is a historic day,” said Walker. “By gaining an equal seat at the negotiating table,
Sen. Murkowski: Obama Administration at Fault for “Project Killer” Regulations Statoil (ticker: STO) is closing the door on its Alaska operations, the company announced in a press release on November 17, 2015. The Norway-based exploration and production company plans to shut its office in Anchorage and will walk away from 16 operated and 50 non-operated leases in the Chukchi Sea.
All parties seem to agree, but holdup remains The state of Alaska plans to buy out TransCanada’s (ticker: TRP) share of the Alaska LNG project. Both Alaska Governor Bill Walker and TransCanada have agreed to the deal, according to Alaska Dispatch News, but the funds necessary to purchase TransCanada’s share in the project still need to be approved. Alaska LNG
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