Regulation ///

Biden may reduce biofuel quotas, handing a win to oil-state Democrats

The Environmental Protection Agency is set to send a draft of biofuel-blending quotas to the White House for review soon, marking a key step in the Biden administration’s bid to balance competing oil and agricultural interests.

Mexico bans Vitol, Trafigura from new oil trades on corruption allegations

Vitol Group and Trafigura Group -- both barred from new oil-trading business with Mexico’s state producer for alleged corruption -- will be subject to the ban until at least the end of 2024 while the government reviews the conduct of other commodity traders, Energy Minister Rocio Nahle said.

Shell loses Nigerian oil license to state operator in court ruling

The court of appeals in Nigeria’s capital, Abuja, overturned a 2019 ruling that granted Shell Petroleum Development Co. the right to renew its operating license for the Oil Mineral Lease 11 field. Those rights will transfer to the state-owned Nigerian National Petroleum Corp.

Judge voids ConocoPhillips Alaska project approved by Trump

The Trump administration’s approval of a ConocoPhillips oil field project on Alaska’s Northern Slope was rescinded by a federal judge who said it failed to adequately protect polar bears and didn’t properly consider the effects on climate change.

ABS brings together leading industry players to tackle safety challenge of aging FPSO fleet

ABS has brought together leading companies in the Floating Production Storage and Offloading (FPSO) sector to address the safety challenges produced by a fleet where more than half of the ship type vessels are over 30 years old, and a quarter are over 40 years old.

Biden to restart oil lease sales while appealing June court order

The Biden administration is appealing a federal judge’s ruling against its oil leasing moratorium, while promising to resume offering new leases on U.S. lands and waters.

Carbon capture tech becoming cost-effective as emissions price soars

Skyrocketing carbon prices and a “code red” warning about the threat posed by climate change are giving fresh momentum to a technology that captures and removes greenhouse gas emissions so they can be buried.

Opinion: Giving Scotland’s green party an inch makes them a ruler

Cameron Wallace, World Oil

Taking a page from the Neville Chamberlain Handbook for Diplomacy, Scotland’s First Minister, Nicola Sturgeon, is lobbying the UK to take actions that will ultimately lead to a disorganized and very costly end to fossil fuel development in the Scottish sector of the North Sea.

Scotland’s First Minister calls on UK to “reconsider” oil and gas permits

Scotland's First Minister Nicola Sturgeon asked the UK government to reassess oil and gas fields that have been licensed but not yet developed, such as the Cambo development west of Scotland’s Shetland Islands. Green groups say that's not enough.

Shell to pay $110MM for “full and final satisfaction” of Nigeria oil spill suit

Royal Dutch Shell Plc’s Nigerian unit agreed to pay a community in the West African country more than $110 million to resolve a long-running dispute over an oil spill that occurred more than 50 years ago.

Biden turns to America’s enemies to solve energy problems of his own making

Cameron Wallace, World Oil

In the face of rising gasoline prices, U.S. President Joe Biden has instructed his administration to turn to the likes of Saudi Arabia, Iran and Russia to produce more crude while keeping restrictions on American oil and gas in place.

Climate groups claim infrastructure bill’s green energy spend is a gift to oil companies

Much of the progressives' anxiety around the $1T infrastructure bill has coalesced around support for carbon capture. Last month, hundreds of climate groups wrote an open letter calling on Biden to reject carbon capture as a “dangerous distraction” to eliminating fossil fuels entirely.

Prospects dim for Iran’s oil revival with Biden’s nuclear deal slipping away

The Biden administration faces the sobering reality that returning to the Iran nuclear deal may no longer be feasible, as the Islamic Republic finds ways to cope with U.S. sanctions and races toward the capacity to build a bomb.

Exxon booted from climate group after lobbyist goes off script on carbon tax

Exxon Mobil was suspended from the Climate Leadership Council, a pro-carbon tax group backed by conservation groups and some of the world’s biggest corporations. The move comes just weeks after an Exxon lobbyist was secretly recorded by Greenpeace saying that the oil giant only voiced support for a carbon tax because it knew such a policy would be almost impossible to implement.

Texas oil regulator proposes tax credits for natural gas infrastructure

The natural gas industry should receive tax incentives similar to those provided for renewable energy projects, according to one of Texas’s top oil and gas regulators.

U.S. Interior secretary accused of defying federal judge’s oil lease ruling

Six weeks after a federal judge ordered the Biden administration to resume selling oil and gas leases on federal land, there’s no sign it has, and Interior Secretary Deb Haaland struggled Tuesday to explain why.

Opinion: Biden’s personnel madness in Washington continues

Staff, World Oil

The Biden administration continues to nominate people for senior positions that all seem to hate oil and gas. If one were bent on destroying the U.S. oil and gas industry, you’d be hard put to nominate people more diabolically effective at doing it than “Joltin’ Joe’s” (apologies to the last Joe Dimaggio) cast of characters.

Venezuela ignores U.S. sanctions in quest to increase oil output

Venezuela’s state-owned oil company imported a key component needed to achieve its goal of almost tripling crude production, defying U.S. efforts to isolate the Maduro regime’s grip on power.

Shell to appeal Dutch court decision mandating faster carbon cuts

Royal Dutch Shell said it will appeal a ruling by a Dutch court which ordered it to cut its carbon emissions by 45% over the next decade.

Iran restricts access to nuclear data until sanctions are lifted

Iran claims it’s preserving data captured by International Atomic Energy Agency monitoring equipment, but officials won’t give investigators access to it until Iran concludes stalled talks with world powers to lift economic sanctions.