Regulatory

The idea of placing sanctions on importers of Iranian oil has been swiftly gaining momentum in Congress following the nation’s direct attack on Israel, and House and Senate leaders have been in discussions about how to move forward with legislation to do so.

The U.S. plans to allow a Treasury Department license permitting oil and gas production to expire without renewal on Thursday, according to people familiar with the plan, who asked not to be identified without permission to speak publicly, if Venezuela fails to act.

The final Risk Management and Financial Assurance for OCS Lease and Grant Obligations rule amends existing regulations by substantially increasing the level of financial assurances that operators must provide in advance.

The Independent Petroleum Association of America (IPAA) issued a statement in response to the Bureau of Land Management's final Fluid Mineral Leases and Leasing Process rule released Friday that revises oil and gas leasing regulations including increases to bonding requirements, royalty rates, and minimum bids.

The changes wouldn’t affect ConocoPhillips’s 600 MMbbl Willow oil project in the National Petroleum Reserve-Alaska. But oil industry leaders say the plan is more expansive than initially anticipated and threatens to make it nearly impossible to build more important projects in the region.

Jamie Dimon said U.S. delays of liquefied natural gas (LNG) projects were done for “political reasons” to pacify those who believe oil and gas projects should be stopped — a position he calls “wrong” and “enormously naïve.”

The American Petroleum Institute released a statement from API Senior Vice President and General Counsel Ryan Meyers on the U.S. Securities and Exchange Commission’s decision to stay its climate-related risk disclosure rule while courts adjudicate its legality.

Elected officials and trade groups representing businesses across the supply chain are sounding the alarm over the Biden administration’s new emissions standards for heavy-duty trucks which could threaten the speed and cost of goods moving throughout the country.

American Petroleum Institute (API) President and CEO Mike Sommers and American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson issued a statement on EPA’s newly finalized heavy-duty vehicle standards covering model years 2027 through 2032:

In comments submitted to the Environmental Protection Agency on the “waste emissions charge” proposed rulemaking, the associations argued that EPA’s proposed rule creates an incoherent regulatory regime, fails to meet the statutory requirements outlined by the Inflation Reduction Act and disincentivizes emissions reduction efforts by the industry.

Last week, the Biden administration finalized a new regulation that will effectively eliminate most new gas-powered cars and traditional hybrids from the U.S. market in just eight short years. Consumers have made clear over the past year that they value the freedom to choose a vehicle that’s best for them – not intrusive government mandates that risk higher costs and a greater reliance on foreign supply chains.

Exxon Mobil Corp. won’t move forward with one of the world’s largest, low-carbon hydrogen projects if the Biden administration withholds tax incentives for natural gas-fed facilities, Chief Executive Officer Darren Woods said during an interview.

Since its inception in 2005, Optical Gas Imaging (OGI) has been an integral part of emission reduction in the oil and gas industry. Over that time, OGI cameras have been the center of the LDAR and EHS markets as the flagship technology for emissions mitigation. Beginning in 2008 with the Alternate Work Practice and most recently as the BSER for NSPS OOOOb and Appendix K of the March 6, 2024, U.S. EPA regulation, OGI technology has proven to be an efficient and effective means of regulatory compliance while also empowering oil and gas operators to increase safety and enhance productivity. The newest in OGI cameras have advanced features that help users meet these stringent regulatory requirements and increase LDAR inspection efficacy. In this webinar, FLIR Global Business Development Manager, Craig O’Neill will discuss how the NSPS OOOOb elevates the use of Optical Gas Imaging for leak detection. Who Should Attend: Air Quality Professionals, Compliance Officers, Directors of Compliance, EHS Professionals, Environmental Professionals, Fugitive Emissions Professionals, HSE Professionals, LDAR Professionals, Maintenance Managers, OGI Technicians, Operations Managers, Platform Managers, Reliability Professionals.

The report, conducted by Energy Ventures Analysis, demonstrates the American natural gas industry’s record of supporting allies abroad while maintaining a well-supplied domestic market at home.

This week, the U.S. House of Representatives will pass judgement on six energy-related bills in what Republicans are calling “Energy Week.” Trade groups including the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) released statements applauding the focus on pressing energy issues.

The House Committee on Oversight and Accountability is seeking documents and communications between the Energy Department and key federal agencies as well as White House aides John Podesta and Ali Zaidi, arguing the move was an attempt to appease liberal advocacy groups opposed to LNG exports ahead of the November presidential election.

"The changes in President Biden’s proposed budget to oil and natural gas industry tax provisions are a direct attack on America’s smaller independent producers who develop most of the nation’s natural gas and oil wells, and particularly the small marginal operators," said IPAA President and CEO Jeff Eshelman.

Texas leads the nation as the highest producer of both oil and gas, bringing economic prosperity to the state. Reducing the production of domestic oil and gas will only force the U.S. to usher in foreign imports of these essential resources – imports from countries that do not produce a level of cleaner energy that Texas has been able to.

The Petrobras delegation visited oil fields in Lake Maracaibo this week in what people familiar with the matter described as a courtesy trip. Maracaibo is a key production region for Venezuela and an opportunity for the country to resuscitate the linchpin of its economy after years of underinvestment.

In response to President Joe Biden’s comments on climate and oil and gas in his State of the Union address on Thursday night, Jeff Eshelman, President & CEO of the Independent Petroleum Association of America (IPAA) issued a statement.

As President Joe Biden prepares to give the State of the Union address, oil and gas trade groups like the Independent Petroleum Association of America (IPAA), American Petroleum Institute (API) and National Ocean Industries Association (NOIA) issued statements on what they would like to hear regarding domestic energy policy and development.