Olympia

Sen. Jeff Bingaman (D-NM) and Sen. Olympia Snowe (R-ME), both members of the Senate Finance Committee, introduced four measures last week to expand and improve upon energy efficiency tax incentives for vehicles, homes and commercial buildings, industrial facilities and consumers and businesses. The two plan to incorporate the tax incentives in the energy tax package that the finance panel expects to consider this fall.

Sen. Olympia Snowe (R-ME) has introduced legislation that would extend the time that the secretary of the Department of Commerce has to review appeals of states’ objections to projects, such as pipeline and liquefied natural gas (LNG) projects, under their coastal management programs.

Sen. Olympia Snowe (R-ME) has introduced legislation that would extend the time that the secretary of the Department of Commerce has to review appeals of states’ objections to projects, such as pipeline and liquefied natural gas (LNG) projects, under their costal management programs.

U.S. Sens Dianne Feinstein (D-CA), Olympia Snowe (R-ME), Carl Levin (D-MI) and Maria Cantwell (D-WA) announced plans last week to introduce the Oil and Gas Traders Oversight Act, which would require companies that trade in the electronic over-the-counter (OTC) energy trading business to keep records for five years on large trading positions and report those positions to the Commodity Futures Trading Commission (CFTC) or the Justice Department upon request.

U.S. Sens Dianne Feinstein (D-CA), Olympia Snowe (R-ME), Carl Levin (D-MI) and Maria Cantwell (D-WA) announced plans Tuesday to introduce the Oil and Gas Traders Oversight Act, which would require companies that trade in the electronic over-the-counter (OTC) energy trading business to keep records for five years on large trading positions and report those positions to the Commodity Futures Trading Commission (CFTC) or the Justice Department upon request.

Calgary-based Provident Energy Trust has acquired all of the outstanding shares of Olympia Energy Inc. and Viracocha Energy Inc. The transactions are payable through Provident units, exchangeable shares and the assumption of existing debt and working capital. With the new acquisitions, Provident estimates its annual production will be 30,000 boe/d. Based on an independent engineering review, Provident’s proved reserves will increase 46% to 51.8 MMboe from 35.5 MMboe, with a proved developed reserve life index (RLI) of 4.6 years. Proved reserves will increase 48% to 62.1 MMboe from 41.8 MMboe, with a proved RLI of 5.9 years. Proved plus probable reserves will increase 49% to 81.6 MMboe from 54.9 Mboe, with proved plus probable RLI of 6.2 years. Provident is an open-ended energy income trust that owns and manages an oil and gas production business and a midstream services business. Its energy portfolio is focused in Western Canada.