Enacted

The updated reserves reporting rules for U.S. exploration and production (E&P) companies enacted by the Securities and Exchange Commission (SEC) may prove a struggle for independents in choosing whether to be aggressive with their bookings versus a more conservative approach, particularly when booking proved undeveloped (PUD) locations, analysts said Thursday.

A lawsuit filed by the Colorado Oil & Gas Association (COGA) against state regulators after more stringent drilling rules were enacted will move forward, a Denver judge ruled Tuesday.

More than 10,700 jobs could be displaced for part of the year if proposed new permitting and drilling rules under consideration in Colorado are enacted, according to the Colorado Oil & Gas Association (COGA) and the Colorado Petroleum Association (CPA).

Higher prices, increasing supply demands from developing nations, recently enacted U.S. regulations and changing public attitudes toward greenhouse gas (GHG) emissions and alternative fuels are all forcing changes in worldwide energy markets, the Energy Information Administration (EIA) said in its Annual Energy Outlook 2008 (AEO).

Any climate change legislation enacted by Congress should be “economy-wide” and “transparent, consistent, predictable and equitable,” says a draft resolution by a task force of the National Association of Regulatory Utility Commissioners (NARUC).

Arizona regulators made it clear last week that they expect the new renewable energy standard and accompanying rules they enacted to be a buffer against overreliance on natural gas-fired electricity in their state. Through stepped-up distributed generation and other means, a majority of the five members on the Arizona Corporation Commission (ACC) see their state being inundated with rooftop solar panels on homes and businesses.

Arizona regulators made it clear Tuesday that they expect the new renewable energy standard and accompanying rules they enacted to be a buffer against overreliance on natural gas-fired electricity in their state. Through stepped-up distributed generation and other means, a majority of the five members on the Arizona Corporation Commission (ACC) see their state being inundated with rooftop solar panels on homes and businesses.

Mexican legislators challenging the multiple service contracts (MSC) enacted by Petroleos Mexicanos (Pemex) two years ago appear to have lost court battles to prevent foreign investment through this type of contract in the country’s natural gas resources. Pemex said Sunday two of the four demands have been resolved in its favor, and two more favorable rulings are expected.

As a follow-up to the recently enacted omnibus energy bill, the House Resources Committee will begin mark-up on Wednesday of a measure aimed at authorizing exploration and production in Alaska’s arctic region and relaxing the moratorium to allow interested coastal states to explore for oil and natural gas off their shores.