Regulation ///

U.S. looks to close liability loopholes for bankrupt offshore oil producers

The Interior Department is proposing rules to strengthen the issuance criteria after companies have filed for Chapter 11 and escaped financial obligations to cap their non-producing wells, said Walter Cruickshank, acting director of the department’s Bureau of Ocean Energy Management.

Environmental groups warn Alaska drillers not to pursue ANWR leases

“Any company that bids on leases or expresses interest in destroying the Arctic Refuge for oil will face a major public backlash and long-lasting damage to their reputation,” warned the groups, including the Wilderness Society, Natural Resources Defense Council and Sierra Club.

Biden won’t ban fracing – he’ll outlaw most U.S. drilling instead

In a local Philadelphia TV interview, Democratic nominee Joe Biden told reporters “I will not ban fracing.” He failed to mention that his climate plan’s ban on drilling on federal property would go much further than a simple frac ban.

Venezuela and Iran defy U.S. sanctions with new tanker delivery

The ship, identified as Honey, turned off its satellite signal and started unloading about 2 million barrels of South Pars condensate at Venezuela’s state-controlled port of Jose on Saturday, according to a report and a person with knowledge of the situation.

Are the oil industry's opportunities for post-coronavirus recovery dwindling in North America?

In this week's podcast, World Oil editors discuss how legislative activities, a smaller labor pool, and harsh economic realities are impacting options for oil and gas sector growth in North America's post-coronavirus economy.

Proposed federal land lease ban hits Wyoming hardest, new analysis shows

Wyoming, which accounts for 38 percent of federal onshore natural gas production and 16 percent of oil production, is projected to be among the states hardest hit, standing to lose more than 33,000 jobs and putting $640 million in state federal revenue sharing at risk.

BP joins financiers in call for U.S. to tax greenhouse gas emissions

The U.S. government should start making businesses pay for their greenhouse gas emissions to help combat global warming, according to a powerful group of finance and energy titans including Morgan Stanley, JPMorgan Chase & Co. and BP.

Natural gas is losing its luster as a “bridge fuel” to renewable energy

Just a few years ago, natural gas was hailed as vital for the transition toward an economy that runs on renewable energy. But sentiment is changing and the fuel is going the same way as coal, its dirtier sibling shunned by governments, utilities and investors.

Trump extends Florida’s offshore drilling ban

President Donald Trump endorsed an extended ban on offshore oil development on Florida’s western coast as he courts voters worried that drilling imperils the state’s beaches and tourism-based economy.

EPA seeks to add Odessa, TX groundwater site to Superfund priority list

The U.S. Environmental Protection Agency announced the proposed addition of Northwest Odessa Groundwater site to the National Priorities List (NPL) where releases of contamination pose human health and environmental risks. The site contains contamination that is potentially threatening the Trinity/Antlers portion of the Edwards-Trinity Plateau Aquifer System in Odessa, Texas.

Venezuelan oil official flees to U.S. with intel on Maduro’s inner circle

A former Venezuelan oil official fled the country and is talking to U.S. authorities about aiding their investigation of a high-level corruption scheme that helped plunge the oil-rich nation into an economic meltdown.

Plan to drill in Alaska’s wildlife refuge meets first legal challenge

Environmentalists and Alaska natives are challenging the Trump administration’s decision to sell drilling rights in the Arctic National Wildlife Refuge, arguing the government gave short shrift to the impact on polar bears and the region’s other wildlife.

Tenaris wins intellectual property lawsuit against OFS International

The order prohibits OFSi from developing new connections using Tenaris’s confidential information and requires OFSi to return or destroy all stolen information in its possession.

Democrats cut fossil-fuel promises from party platform in snub to climate activists

In the weeks before the convention, delegates approved a draft of the party platform which included an amendment stating that “Democrats support eliminating tax breaks and subsidies for fossil fuels.” By the time final draft was officially passed on night one of the convention, that language had disappeared.

U.S. considers expanding Venezuelan oil sanctions

The measures could target crude swaps with companies in Asia and Europe, according to people familiar with the matter. U.S. officials have debated the move for months, yet they initially prioritized actions against Iran, which began exporting gasoline to fuel-starved Venezuela.

Tehran confirms tankers seized by U.S. were en route to Venezuela

Four tankers whose cargoes were seized by the U.S. over the past month were heading to Venezuela with gasoline loaded in Iran, according to Iranian Oil Minister Bijan Namdar Zanganeh.

China buys millions of barrels of U.S. oil to comply with trade deal

As much as 14 million barrels -- or seven super-class tankers full -- of U.S. oil will be loaded next month for delivery to China, according to estimates by Vortexa Ltd. based on provisional tanker bookings. If all those shipments make the trip that will be more than double the volumes set for August.

API endorses Arctic National Wildlife Reserve oil and gas exploration

“Today’s announcement brings us one step closer to unlocking Alaska’s energy potential, which will create good-paying jobs and provide a new revenue stream for the state,” API senior vice president of policy, economics and regulatory affairs Frank Macchiarola said.

Oil auctions in Alaskan refuge set up a potential post-November clash

The Trump administration on Monday authorized a sweeping plan to sell drilling rights and spur oil development in Alaska’s rugged Arctic refuge, setting up a possible auction by the end of 2020 and a political clash if the president loses the November election.

Trump’s trip to West Texas includes visit to rig of World Oil editorial advisor

Staff, World Oil

Ever wonder what goes on, when President Trump makes a trip to West Texas, especially when it features a visit to an oil field location? Well, one of our editorial advisors got to witness a full day of logistics, when the President visited one of his company’s rigs near Midland, Texas.