Richard Causey, Enron Corp.’s former top accountant, will serve five-and-a-half years in prison for his role in the company’s fraud schemes. Causey was sentenced on Wednesday in Houston.
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Houston-based transportation giant Kinder Morgan Inc. (KMI) agreed in late August to be bought by a group of investors led by founder and CEO Richard Kinder for $15 billion plus the assumption of close to $7 billion of debt. If it’s successful, it will be the largest-ever private equity takeover of a pipeline company.
House Resources Committee Chairman Richard W. Pombo (R-CA) reintroduced legislation (H.R. 5429) this week that would open 2,000 acres in the Arctic National Wildlife Refuge (ANWR) to oil and gas drilling. “There is no logical reason to oppose safe energy exploration and production on ANWR’s northern coastal plain,” Pombo said, adding that President Jimmy Carter created the 20 million-acre area in 1980, setting aside 1.5 million acres on the northern coastal plain for the specific purpose of future energy exploration and development. The 2,000 acres requested to be opened to drilling in ANWR’s 1002 area would be a small fraction of that total, yet it could provide 10.4 billion bbl of recoverable oil, which is more than double the proven reserves in the state of Texas, Pombo said. He predicted that peak oil production from the area being set aside could total 1.5 million bbl/d, which is nearly equal to what the U.S. imports from Saudi Arabia every day.
In the wake of a New York Times article alleging underrecovery of natural gas royalties, House Resources Committee Chairman Richard Pombo (R-CA) has asked the Department of Interior (DOI) to turn over all “relevant data” so the panel can determine if the federal government is receiving “full compensation” for the production of oil and natural gas from federal offshore and onshore lands.
With just three weeks remaining before three of the top ex-Enron Corp. executives go to trial, former Chief Accounting Officer Richard Causey is said to be nearing a plea deal with federal officials. If an agreement is reached, Causey’s knowledge could prove deadly to the other two defendants: former Chairman Kenneth Lay and former CEO Jeffrey Skilling.
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.
A compromise under negotiation on offshore drilling between House Resources Committee Chairman Richard W. Pombo, R-CA, and Florida politicians could result in the leasing and drilling in about 70% of the eastern Gulf of Mexico area off the Florida coast that is expected to contain huge reserves.
Rep. Richard Pombo (R-CA), chairman of the powerful House Resources Committee, is circulating a proposal that, among other things, calls for the federal government to close and sell up to 15 national parks to the oil and natural gas industry and private developers.
A bipartisan coalition led by Resources Committee Chairman Richard W. Pombo (R-CA), Reps. Dennis Cardoza (D-CA), Greg Walden (R-OR) and George Radanovich (R-CA) announced the introduction of legislation to reform the 32-year old endangered species law which critics claim has failed to actually protect endangered species while imposing burdensome regulations on land use.