Senate legislation (S. 2314) that seeks to scale back royalty relief for oil and natural gas producers in the Outer Continental Shelf (OCS) would trigger an increase in the amount oil and gas royalties paid to the federal government, but it also would result in a drop-off in bonus bid revenues flowing into the U.S. Treasury, according to the Congressional Budget Office (CBO). Consequently, net receipts to the federal government from offshore leasing might not rise in the long run and even could fall over the next five years, it said.
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Florida Congressmen Take Aim at Interior’s Five-Year Leasing Plan
Florida House lawmakers this week attacked the Interior Department’s five-year leasing plan (2007-2012) for the Outer Continental Shelf (OCS) that would open up additional acreage in the natural gas-rich eastern Gulf of Mexico for leasing to producers.
March 8, 2006
W&T Buys Kerr-McGee Shelf Properties for $1.34B
In an anticipated announcement, Kerr-McGee Corp. late Monday signed an agreement to sell the rest of its interests on the Outer Continental Shelf of the Gulf of Mexico to W&T Offshore Inc. for $1.34 billion in cash. The transaction is the largest in W&T’s history, making the Houston-based explorer one of the top gross acreage holders in the Gulf with 2.3 million gross acres.
January 25, 2006
Pombo Tries to Salvage OCS Drilling in House Budget Bill
Rep. Richard Pombo (R-CA), chairman of the House Resources Committee, is working to reattach expanded Outer Continental Shelf (OCS) drilling to the pending budget reconciliation package, according to Capitol Hill aides.
November 17, 2005
House Lawmakers Press to Eliminate Offshore Ban on Gas-Only Drilling
Less than a week after House leaders scrapped expanded Outer Continental Shelf (OCS) development as part of the deficit-reduction package, two members of the House Resources Committee are expected to introduce stand-alone legislation by Tuesday that would eliminate the moratorium with respect to drilling for natural gas on the federal OCS.
November 15, 2005
El Paso Proposes New System from Rockies to Connect Six Major Gas Pipelines
El Paso Corp. proposed Tuesday to build the Continental Connector, a new system with more than 1,000 miles of up to 42-inch pipe to ship 1-2 Bcf/d of Rockies gas East by connecting six of its pipelines in the west, Colorado Interstate, WIC and Cheyenne Plains, with points on ANR Pipeline, Tennessee Gas Pipeline, and Southern Natural Gas. El Paso said the project could be placed in service as early as November 2008.
October 5, 2005
House Republicans Fail to Overturn OCS Drilling Moratorium
Two House Republican amendments seeking to remove the congressional moratorium on exploration and production in portions of the federal Outer Continental Shelf (OCS) were vanquished last Thursday.
May 23, 2005
House Republicans Lose Effort to Remove OCS Drilling Moratorium
Two House Republican amendments seeking to remove the congressional moratorium on exploration and production in portions of the federal Outer Continental Shelf (OCS) were vanquished Thursday.
May 20, 2005
Senate Bill Calls for Sharing of OCS Revenues with Five Energy-Producing Coastal States
Sen. Mary Landrieu (D-LA) introduced legislation Thursday that would automatically reserve a “significant portion” of Outer Continental Shelf (OCS) revenues for distribution to the five energy-producing coastal states that aren’t restricted by moratoria off their shores.
May 16, 2005
MMS Seeks Companies to Explore in Alaska’s Frontier Areas
The Minerals Management Service (MMS), looking to foster exploration in more remote areas of the Alaska Outer Continental Shelf, is assessing industry interest in exploring for oil and gas in Alaska’s Chukchi Sea/Hope Basin and Norton Basin.
February 14, 2005
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