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A signature from outgoing New York Gov. David Paterson is all that is required for a temporary ban on hydraulic fracturing (fracking) to become effective in the Empire State following the New York State Assembly’s approval of the measure on Monday.

BlueOcean Energy, ExxonMobil Corp.’s proposed $1 billion floating liquefied natural gas (LNG) project offshore New Jersey, has run aground in what have become choppy seas for new LNG projects in the rapidly changing U.S. natural gas market. The project has been “put on hold,” an ExxonMobil spokesperson told NGI last Friday.

El Paso Pipeline Partners LP (EPP) agreed last week to pay El Paso Corp. $1.13 billion to become full owner of two liquefied natural gas (LNG) companies and take over a 60% stake in Southern Natural Gas Co. (SNG).

BlueOcean Energy, ExxonMobil Corp.’s proposed $1 billion floating liquefied natural gas (LNG) project offshore New Jersey, has run aground in what have become choppy seas for new LNG projects in the rapidly changing U.S. natural gas market. The project has been “put on hold,” an ExxonMobil spokesperson told NGI Friday.

Pennsylvania’s Independent Regulatory Review Commission on Thursday approved proposed rules that would tighten regulations on oil and gas well drilling.

The Pittsburgh City Council on Tuesday approved an ordinance prohibiting natural gas drilling in the city, despite questions about the ordinance’s legality.

The controversy over hydraulic fracturing (fracking) in the production of shale gas has become a major issue in a tight congressional race in upstate New York.

Occidental Petroleum Corp. CEO Ray Irani, 75, plans to step down at the 2011 annual meeting and become executive chairman before retiring in 2014. COO Stephen Chazen, who also is president of the Los Angeles-based producer, was tapped to assume the role of CEO. Occidental’s board also said it would “substantially reduce” overall compensation levels to be “more in line with its peers.” Irani made $97 million in total compensation in 2009. By comparison, ExxonMobil Corp. CEO Rex Tillerson earned $27.2 million in total compensation last year.

Learning how to tap successfully into the Marcellus Shale has come at a big cost and a lot of work, and the producer continues to find ways to become more cost efficient, Range Resources Corp. COO Jeff Ventura said Tuesday.