Backlog

The growing abundance of shale gas and liquids production is leading to a “paradigm shift” in the global oilfield services industry that should lead to business growth over the next two years, especially in the U.S. land market, FBR Capital analysts said in a new report.

The Bureau of Land Management (BLM) in Wyoming is trying to trim a two-year backlog of natural gas and oil leases held up by environmental protests, but a federal auction held last week may only add to the paper logjam.

Energy giant BP plc cleared up a backlog of violations last week as it reached agreements with a number of federal agencies to pay $380 million in penalties, restitution and other payments for allegedly manipulating the propane market, violating natural gas pipeline policies, a fatal explosion at its Texas City refinery in 2005 and crude oil pipeline leaks in Alaska in 2006.

California regulators postponed a growing backlog of pendingactions in deference to ongoing legislative efforts to develop acomprehensive solution to the state’s energy woes. Regulators lastweek put off action on an allocation of utility revenues to thestate water resources department, which is buying electricity forconsumers and attempting to sign long-term power contracts.

California regulators postponed a growing backlog of pendingactions in deference to ongoing legislative efforts to develop acomprehensive solution to the state’s energy woes. Regulatorsyesterday put off action on an allocation of utility revenues tothe state water resources department, which is buying electricityfor consumers and attempting to sign long-term power contracts.