The Pennsylvania Environmental Quality Board (EQB), an independent entity responsible for adopting environmental regulations, approved revisions to the commonwealth’s oil and gas drilling regulations by a 15-4 vote, the Department of Environmental Protection announced in Harrisburg. The Feb. 3 action drew immediate fire from the Pennsylvania Independent Oil & Gas Association (PIOGA). Source: News
Proposed fee on oil highlights costs of the climate agenda
For the oil and gas industry, whatever room for compromise might once have existed in the politics of climate change has vanished. President Barack Obama demolished it. Source: News
CNPC delivers first engineering package for Yamal LNG project
A unit of China National Petroleum Corp. has delivered the first of more than 20 engineering packages for the Yamal LNG project in northern Russia. Source: News
Linn Energy exhausts credit, considers ‘strategic alternatives’
Linn Energy LLC, Houston, said on Feb. 4 that it’s exploring “strategic and financial alternatives” to improve the firm’s capital structure and long-term outlook in the midst of the prolonged crude oil price slump. Source: News
MARKET WATCH: NYMEX oil price drops under $32/bbl on oversupply concerns
Light, sweet crude oil prices dropped modestly, settling under $32/bbl on the New York market Feb. 4 in what has been a volatile week for oil prices. Despite some price gains earlier in the week, traders appear primarily focused on world crude oversupply. Source: News
Obama proposes $10/bbl crude oil tax to fund transportation plan
The Obama administration proposed a $10/bbl tax on crude oil to help pay for its plan to create a 21st Century Clean Transportation System. Officials from national oil and gas associations immediately said it was a serious mistake. Source: News
Suncor takes $2-billion loss for 2015, sheds more 2016 budget
Suncor Energy Inc., Calgary, has cut its capital guidance for 2016 to $6-6.5 billion from $6.7-7.3 billion reported in November. Source: News
BOC commissions plant at New Zealand’s sole refinery
BOC Ltd., an industrial gases subsidiary of Germany’s Linde Group, has commissioned a plant that will capture carbon dioxide emissions from operations at New Zealand Refining Co. Ltd.’s (NZRC) 107,000-b/d Marsden Point refinery at Northland on the North Island’s east coast. Source: News
API official asks administration to pursue innovation, not regulation
The Obama administration should rely more on oil and gas industry innovation and cooperation, and less on heavier federal regulation, as it moves into its final year, an American Petroleum Institute official recommended. Source: News
Oxy’s 2016 capital program expected at ‘no more than $3 billion’
Occidental Petroleum Corp., Houston, said on Feb. 4 that its 2016 capital program is expected to be “no more than $3 billion with production growth of [2-4%] from ongoing operations.” Source: News