The Senate Energy and Natural Resources Committee passed S.1950, the Powder River Basin Resource Development Act, by a voicevote last week. Wyoming Sens. Craig Thomas and Mike Enzi said itprovides for the fair and expeditious resolution of conflictsbetween oil and gas producers and coal producers with overlappingleases in the Powder River Basin in Wyoming and southern Montana.
Passes
Articles from Passes
TRC Passes Well Plugging Measure
The Texas Railroad Commission passed a sweeping measure lastweek that for the first time in the state’s history dramaticallyoverhauls how the state handles abandoned oil and gas wells. At thecore of the plan is a requirement that financial assurance, such asa bond or a letter of credit, be in place for a well entering itsthird year of inactivity.
TRC Passes Well Plugging Measure
The Texas Railroad Commission yesterday passed a sweepingmeasure that for the first time in the state’s history dramaticallyoverhauls how the state handles abandoned oil and gas wells. At thecore of the plan is a requirement that financial assurance, such asa bond or a letter of credit, be in place for a well entering itsthird year of inactivity.
CA Merchant Storage Plant Passes Major Test
California regulators Thursday released a final environmentalimpact report for the state’s second merchant underground naturalgas storage project in the Sacramento Valley of northernCalifornia. Absent new opposition from surrounding landowners,Texas-based Western Hub Properties hopes to have its $80 millionstorage project operating by the end of this year, following ayear’s delay in the approval process for environmental review.
Second CA Merchant Storage Plant Passes Major Regulatory Test
California regulators last week released a final environmentalimpact report for the state’s second merchant underground naturalgas storage project in the Sacramento Valley of northernCalifornia. Absent new opposition from surrounding landowners,Texas-based Western Hub Properties hopes to have its $80 millionstorage project operating by the end of this year, following ayear’s delay in the approval process for environmental review.
Energy East CTG Merger Passes State Review
Hungry Northeast utility giant Energy East said ConnecticutDepartment of Public Utility Control approved its merger withConnecticut Natural Gas parent CTG Resources yesterday. Thecompanies are awaiting Securities and Exchange Commission approvalunder the Public Utility Holding Company Act, which is expected byJune 2000. CTG shareholders overwhelmingly approved the merger onOct. 18.
Hebert Renomination Passes Senate Panel Hurdle
Commissioner Curt Hebert met no resistance yesterday at hisreconfirmation hearing before the Senate Energy and NaturalResources Committee. The panel was scheduled to meet later in theday to approve his reconfirmation to a new five-year term at theFederal Energy Regulatory Commission, and then forward it to thefull Senate for a vote.
Senate Passes $500 Million Loan Guarantees
The U.S. Senate has approved a bill including $500 million inloan guarantees for independent oil and gas producers and thepetroleum service industry. The loan guarantee program is part ofH.R. 1664, which is now on its way to a House/Senate conferencecommittee. The product of that committee will then be sent back toboth houses for ratification. The bill drew praise from theIndependent Petroleum Assoc. which called it a “tool that America’soil and gas producers will be able to use to help them recover fromthe recent devastating period of low oil prices.” The groupcredited Sen. Pete Dominici, R-NM for leading the initiative. Underthe program 85% of the loans of up to $10 million will be coveredby a government-backed repayment guarantee. The bill alsoestablishes a $1 billion loan program for the steel industry.
Senate Passes $500M Loan Guarantee
The U.S. Senate has approved a bill including $500 million inloan guarantees for independent oil and gas producers and thepetroleum service industry. The loan guarantee program is part ofH.R. 1664, which is now on its way to a House/Senate conferencecommittee. The product of that committee will then be sent back toboth houses for ratification. The bill drew praise from theIndependent Petroleum Assoc. which called it a “tool that America’soil and gas producers will be able to use to help them recover fromthe recent devastating period of low oil prices.” The groupcredited Sen. Pete Dominici, R-NM for leading the initiative. Underthe program 85% of the loans of up to $10 million will be coveredby a government-backed repayment guarantee. The bill alsoestablishes a $1 billion loan program for the steel industry.
Pennsylvania Unbundling Bill Passes Senate
Pennsylvania’s Senate convincingly voiced its support for SB601, a gas deregulation bill for residential and small commercial customers, with a 47-3 vote of approval early last week. The bill is now in the hands of Pennsylvania’s House of Representatives Consumer Affairs committee. If the bill is signed into law, each of Pennsylvania’s LDCs would be required to submit a restructuring plan by Nov. 1.