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
Repsol Sells Portion of Interest, Dials Back Development Plans Armstrong Oil & Gas, a private exploration and production company headquartered in Denver, Colorado, is backing up its optimism for hydrocarbon production in Alaska. On October 13, 2015, the company increased its stake in the Colville River Delta region on Alaska’s North Slope for total consideration of more than $800 million.
Decision to leave the Alaskan Arctic a combination of factors Royal Dutch Shell (ticker: RDSA) announced today that it plans to put an end to its operation offshore Alaska, according to a company press release. The news came following results from the company’s Burger J exploration well, which was drilled to a total depth of 6,800 feet. While the company
Via Philadelphia Business Journal Pennsylvania gets smaller share of tax revenue from oil and gas extraction than Texas, Alaska Less than 1 percent of Pennsylvania’s tax revenue comes from taxes and fees generated directly from the extraction of oil and natural gas, according to a new report. The Keystone State is the second-biggest natural gas producer in the U.S. but
Protestors in petroleum-based kayaks may be dominating headlines in Seattle, but Royal Dutch Shell’s (ticker: RDS.B) state of the art rig may help revitalize a prominent part of the U.S. energy sector that has been in decline for more than 20 years. Since 1991, Alaska’s crude production has slipped to 500 MBOPD from 1,800 MBOPD. The slide is expected to
Pushing for larger share of offshore oil and gas revenues Alaska’s Senator Lisa Murkowski put forward new legislation last week that hopes to bring more revenue from oil and natural gas production on Alaska’s outer continental shelf (OCS) back to the state. The bill, S. 1278, will “ensure revenue sharing for the state and coastal communities and invest in the
