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Diamondback is one of the largest players in the Permian Basin, second only to Exxon Mobil, based on gross operated oil volumes. [1] – Andrew Dittmar, Principal Analyst Enverus Intelligence Research [1] How This Deal Affects Mid-Size Operators 1. . million per location. [2] million per location. [2]
Upstream deal markets are heading into the most challenging conditions we have seen since the first half of 2020. The private equity sponsored E&P was able to garner such a large premium for its land because high consolidation over the last few years has left few attractive private companies for the public E&Ps to target.
(World Oil) – Africas national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. mtpa Coral South FLNG project has been operating since 2022 while ExxonMobil plans to make FID on Rovuma LNG in 2026.
Lawsuits against fossil fuel companies: Investor Fraud Lawsuits: The first category of climate change litigation alleges that oil and gas companies defrauded investors by falsely stating that the company had fully considered the risks of climate change regulation and had factored those risks into its business operations.
Bill began his career with Conoco in 1986 and held numerous engineering, operations, commercial, and business development roles of increasing responsibility before joining the companys executive leadership team in 2018 and becoming chief financial officer in 2020.
The “ LL&E II ” decision finds that Act 312 charges the court, not the jury, to determine the funding needed to remediate property to government standards. 2020-00685 (La. 3d — (“ LL&E II ”). [1]. Background of Legacy Litigation and LL&E I . LL&E II , at *2. The LL&E II Decision.
Last year, in another dispute over who should bear the cost of decommissioning offshore facilities, the Southern District of Texas held that a former sub-assignee of offshore operating rights was entitled to equitable subrogation from the record title owner and initial assignor. Sojitz Energy Venture, Inc. Union Oil Co. of California , 394 F.
The VIDA tasks the EPA with developing national standards of performance for discharges incidental to the normal operation of primarily commercial vessels that are over seventy-nine feet in length. Although the deadline for doing so was December 4, 2020, these standards have not yet been finalized or implemented.
What started in 2020 as a proposed joint rulemaking between the DOI’s Bureau of Safety and Environmental Enforcement (“BSEE”) and Bureau of Ocean Energy Management (“BOEM”) was recently finalized as a stand-alone BSEE rule addressing decommissioning. 250.1700, et seq. BSEE added a new paragraph (c) to 30 C.F.R.
116-136, enacted modifications to the rules for the use of net operating losses (“ NOLs ”) and corporate alternative minimum tax carryforward credits (“ AMT Carryforward Credits ”) for tax years beginning after December 31, 2017 and before January 1, 2021.
Produced water—a substance traditionally considered to be a useless byproduct of fracing—has recently become a valuable product that can be treated and sold to operators for drilling. This substance can be dangerous to the environment, so operators are required to carefully dispose of it—a costly endeavor.
On October 26, 2020, the U.S. For example, the borrower must advise whether after March 13, 2020, the borrower was ordered by a state or local authority to shut down or alter its business due to Covid-19. In November of 2020, the taxpayer applied to the lender for forgiveness of the loan.
A Class VI Underground Injection Control permit is required prior to drilling and operating a Class VI well for CCUS operations. Louisiana began this process last year, sending drafts of primacy documents to the EPA for review at the end of 2020.
The Bureau of Ocean Energy Management (BOEM), a sub-agency within Interior, promulgated regulations in 2009 which set forth the procedure for leasing, siting, construction, and operation of offshore wind projects. The Construction and Operations Plan for this project was approved by BOEM in 2021. Over the past year, the U.S.
A Class VI Underground Injection Control permit is required prior to drilling and operating a Class VI well for CCUS operations. Louisiana began this process last year, sending drafts of primacy documents to the EPA for review at the end of 2020.
It has made four oil and gas discoveries, all in Block 52: Sloanea-1 in 2020, Roystonea-1 in 2023 and Fusaea-1 and Sloanea-2 in 2024. “The LoA [letter of agreement] is necessary for further exploration of the gas discovery made in 2020 with the Sloanea-1 exploration well in Block 52”, Staatsolie said in a press release then.
However, HB 537 provides an exception for those “adversary” entities who have already been conducting oil and gas operations in the state. billion dollars’ worth of holdings in 2020. Sponsored by Rep. Valerie Hodges, Louisiana House Bill No. The bill ties the definition of “foreign adversaries” to 15 CFR 7.4(a),
A special meeting of the Louisiana State Mineral and Energy Board was held on April 29, 2020, to address the impacts of both COVID-19 and historically low oil prices on operation and maintenance of Louisiana State Leases. The Board approved two proposed resolutions (1. Proposed Enforcement Moratorium Resolution 2.
Andrew Dittmar, principal analyst at EIR, said that upstream deal markets are heading into the most challenging conditions his firm has seen since the first half of 2020. It is also the basin that keeps giving with operators consistently adding locations by testing new zones of the prolific basins stacked pay, said Dittmar.
In Cannisnia Plantation , the Louisiana Second Circuit faced the issue of whether a mineral servitude owner conducted good faith operations sufficient to interrupt the prescription of non-use of a mineral servitude. A well was spud on March 28, 2006. The well was a dry hole, however, and was therefore plugged and abandoned on April 21, 2006.
The “ LL&E II ” decision finds that Act 312 charges the court, not the jury, to determine the funding needed to remediate property to government standards. 2020-00685 (La. 3d — (“ LL&E II ”). [1]. Background of Legacy Litigation and LL&E I . LL&E II , at *2. The LL&E II Decision.
On October 26, 2020, the U.S. For example, the borrower must advise whether after March 13, 2020, the borrower was ordered by a state or local authority to shut down or alter its business due to Covid-19. In November of 2020, the taxpayer applied to the lender for forgiveness of the loan.
Discussed below are (1) EBSA Disaster Relief Notice 2020-01, (2) DOL “COVID-19 FAQs for Participants and Beneficiaries,” (3) IRS Notice 2020-23, and (4) IRS “Coronavirus-related relief for retirement plans and IRAs questions and answers.” More information on Participant Loans under the CARES Act can be found here.
On July 15, 2020, the Unites States Customs and Border Protection (“CBP”) issued a ruling (HQ H309672) in connection with the installation of an offshore wind farm located off the coast of Rhode Island and Massachusetts in U.S. The Jones Act applies to activities and operations, such as the installation of a wind farm, in U.S.
On June 19, 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-50 which expands the categories of individuals eligible for coronavirus-related distributions (“CRDs”), loans, and loan repayment suspensions as well as resolves some of the issues that were concerning plan administrators and employers under the CARES Act.
After starting in October and November 2019 The global impact of the COVID-19 pandemic spread around the world in the first few months of 2020. The process of planning, safekeeping and operating energy production facilities is a long term process, running into decades. When workers are quarantined, self-isolating, or perhaps even sick?
The Austin Chalkan overlying bench above the Eagle Ford Shaleis fast becoming the next big natural gas growth engine, with operators like EOG Resources, SM Energy, and Magnolia Oil & Gas ramping up development to meet rising LNG demand and domestic needs. Since 2020, Austin Chalk gas output has nearly tripled to 1.8 Bcf/d by 2026.
A Class VI Underground Injection Control permit is required prior to drilling and operating a Class VI well for CCUS operations. Louisiana began this process last year, sending drafts of primacy documents to the EPA for review at the end of 2020.
The Port purchased 1,200 acres of land in Violet in 2020 after an exhaustive site selection and feasibility studies process. The Port purchased 1,200 acres of land in Violet in 2020 after an exhaustive site selection and feasibility studies process. The Port of New Orleans has been awarded a $73.8 Bernard Parish.
Fewer operators control larger acreages. The advantage for minerals firms is that they have no investment in equipment or drilling costs, as do E&Ps. The challenge is that they must still do geological research on formations, and then predict where the E&P is planning to drill.
Bradford, New IRS Guidance on Obtaining Refunds for Net Operating Loss Carrybacks, Corporate AMT Carryforward Credits and Filing Amended Returns for Partnerships ( the “ Prior Blog Post ”). [1] Individual Income Tax Return ( “ Form 1040-X ” ) will be processed when normal IRS operations resume.
Earlier this month, Gulf Coast Sequestration (“GCS”), a limited liability company based in Lake Charles, announced its plans to build and operate a carbon capture and sequestration (“CCS”) project that will create a repository 10,000 feet underground for the permanent storage of more than 80 million tons of carbon. Section 45Q U.S.
In the next few days, the Bureau of Ocean Energy Management (BOEM) will publish in the Federal Register a Proposed Rule that would result in a significant change on how the agency regulates air emissions from oil and gas operations on the Outer Continental Shelf (OCS), in the Central and Western Gulf of Mexico (GOM). 1334(a)(8). 550.303(d).
Southwestern operated several wells on the leased tract, several of which were hydraulically fractured. In January of this year, the Supreme Court of Pennsylvania tackled an issue that has been confronted by few other courts—whether the rule of capture precludes a claim for subsurface trespass due to hydraulic fracturing. [1]
The Families First Coronavirus Response Act The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020. Both types of leave are available during the period from April 1 through December 31, 2020 as follows. The EPSL benefit is 80 hours of pay that is subject to caps based on the reason for leave.
2020-48), the IBLA held the current version of 30 C.F.R. The DOI’s Bureau of Safety and Environmental Enforcement (“BSEE”) is slated to make further revisions to its decommissioning regulations, following other decommissioning amendments made last year as previously reported on The Energy Law Blog. 250.1403; NTL No. 2023-N02 (March 24, 2023).
The Austin Chalkan overlying bench above the Eagle Ford Shaleis fast becoming the next big natural gas growth engine, with operators like EOG Resources, SM Energy, and Magnolia Oil & Gas ramping up development to meet rising LNG demand and domestic needs. Since 2020, Austin Chalk gas output has nearly tripled to 1.8 Bcf/d by 2026.
Previous regulations on hardship distributions from 401(k) and 403(b) plans generally provided that a participant could receive an in-service distribution prior to reaching age 59½ if the participant had an immediate and heavy financial need.
2] New Mexico’s 2021 Legislative Session will consider a bill that would significantly change how the state regulates oil and gas operations. 6] A previous version of the bill was almost unanimously passed by the legislature on January 4, 2020 (vote of 145-9 in the House, 38-2 in the Senate). HB 896 and HB 897 , sponsored by state Rep.
Earlier this month, Gulf Coast Sequestration (“GCS”), a limited liability company based in Lake Charles, announced its plans to build and operate a carbon capture and sequestration (“CCS”) project that will create a repository 10,000 feet underground for the permanent storage of more than 80 million tons of carbon. tons of CO?
In addition to the SBA’s Payment Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), on April 9, 2020, the Federal Reserve announced that it was going to provide up to $2.3 The MSLP will operate through two facilities: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF).
The Bureau of Ocean Energy Management (“BOEM”) and the Bureau of Safety and Environmental Enforcement (“BSEE”) recently issued a proposed rule on Risk Management, Financial Assurance and Loss Prevention (“Proposed Rule”), which was published in the Federal Register on October 16, 2020 and is now open for public comment.
On July 15, 2020, The Third Circuit Court of Appeals issued an opinion awarding damages for a violation of due process rights against a private pipeline company. Bayou Bridge Pipeline, LLC v. Acres, More or Less, Located in St. Martin Parish, et al. [1] Martin Parish, et al. [1] James, Louisiana. One landowner had an interest of.0000994
On October 6, 2020, the Louisiana Supreme Court granted a writ application filed by UNOCAL in State of Louisiana, et al. Louisiana Land & Exploration Co., A detailed summary of the Third Circuit’s decision can be found here. Additionally, a motion to recuse was filed to remove Justice Crain from the case.
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