Posts filed under Oil and Gas

LOGA: Lawyers in Louisiana are Robbing Louisiana Taxpayers

Photo source: Louisiana Record

Photo source: Louisiana Record

Gifford Briggs, president of the Louisiana Oil and Gas Association (LOGA), recently discussed the litigation crisis in Louisiana and what needs to be done to remedy the problem.

"The data is clear. Excessive and unnecessary litigation is robbing Louisiana taxpayers blind and diminishing economic growth throughout the state," Briggs told the Louisiana Record. "Nowhere are the effects more evident than in south Louisiana."

Read more:  Louisiana Oil and Gas Association says legal climate in state is 'robbing taxpayers'

Posted on January 16, 2019 and filed under Oil and Gas, Louisiana.

Another Huge Development for the Oil and Gas Industry in Louisiana

Photo source: The Oil and Gas Year

Photo source: The Oil and Gas Year

Despite the various attempts by our own Governor “Honor Code” to cripple the oil and gas industry here in Louisiana, BP has made the following announcement concerning their Atlantis Field off the coast:

 The company made the announcement Tuesday morning regarding its $1.3 billion development in the Atlantis Field, which is about 130 miles south of the Louisiana coast. The approval comes after recent BP made breakthroughs in advanced seismic imaging and reservoir characterization that revealed an additional 400 million barrels of oil in place at the Atlantis field.

Read more:  BP announces $1.3 billion development in offshore drilling off Louisiana coast

Posted on January 8, 2019 and filed under John Bel Edwards, Oil and Gas, Louisiana.

US Gulf of Mexico On Track for Historic 2019

Photo source: Wikipedia  

Photo source: Wikipedia  

“We expect 2019 to be a strong year for the Gulf of Mexico. In addition to exciting new project sanctions, which could usher in more than $10 billion of investment into the region, a couple of historic firsts set to occur next year could set the stage for years to come,” said WoodMac senior research analyst William Turner

Read more: US Gulf of Mexico On Track for Historic 2019

Posted on December 20, 2018 and filed under Oil and Gas.

COASTAL LAWSUITS MOVING STATE IN WRONG DIRECTION, LOUISIANA LAWSUIT ABUSE WATCH SAYS

Photo source: Cajun Conservatism

Photo source: Cajun Conservatism

 “These kind of lawsuits will only continue to move Louisiana in the wrong direction and further weaken the state’s struggling economy, which has lost thousands of jobs and major manufacturing projects in recent years,” Venable said.

Read more:  COASTAL LAWSUITS MOVING STATE IN WRONG DIRECTION, LOUISIANA LAWSUIT ABUSE WATCH SAYS

Posted on November 30, 2018 and filed under Oil and Gas, Louisiana.

More Good News for the Oil and Gas Industry in Louisiana

Photo source: Wikipedia

Photo source: Wikipedia

In this piece from the Advocate, Louisiana has signed a deal with the country of Poland for deliveries of liquefied natural gas (LNG).

The state company PGNiG signed the 24-year deal with American supplier Cheniere during a ceremony in Warsaw attended by U.S. Energy Secretary Rick Perry and Polish President Andrzej Duda.

Read more: Poland signs deal for long-term natural gas deliveries from Louisiana, Texas

Posted on November 9, 2018 and filed under Louisiana, Oil and Gas.

MOST PLAQUEMINES PARISH VOTERS OPPOSE PARISH’S OIL AND GAS LAWSUIT; 99% SAY INDUSTRY IS CRITICAL TO ECONOMY

Photo source: GrowLACoalition Twitter

Photo source: GrowLACoalition Twitter

Plaquemines Parish residents are speaking loud and clear: they stand with the oil and gas industry and want to see it continue to play a vital role in their community and their future. The oil and gas industry provides more than 1,500 jobs in Plaquemines Parish with a $264 million payroll, paying $20 million annually in parish property taxes.

Read more: MOST PLAQUEMINES PARISH VOTERS OPPOSE PARISH’S OIL AND GAS LAWSUIT; 99% SAY INDUSTRY IS CRITICAL TO ECONOMY

Posted on October 10, 2018 and filed under Louisiana, Oil and Gas.

Administration Easing Offshore Oil and Gas Drilling Rules

Photo source: Rigzone

Photo source: Rigzone

A 48-page notice from the Bureau of Safety and Environmental Enforcement published Friday in the Federal Register says the agency “has become aware that certain provisions in that rulemaking created potentially unduly burdensome requirements for oil and natural gas production operators … without meaningfully increasing safety of the workers or protection of the environment.”

An offshore drilling industry group said it’s a positive step.

Read more:  Administration easing offshore oil and gas drilling rules

Posted on September 29, 2018 and filed under Donald Trump, Oil and Gas, Republicans.

Is 2020 the Year the Oilfield Turns Around?

One Acadiana hosted "An Expert's Perspective," an event focused on the economic growth of Acadiana. 

Dr. Loren Scott was the keynote speaker of the event. He spent the last three decades focused on economic matters. Dr. Scott is the President of Loren c. Scott & Associates, Inc, a 34-year old economic consulting firm whose clients include such large national firms as BP, Entergy, ExxonMobil, Nucor, Sasol, Chespeake Energy, and a diversity of others.

Read more: Economic consultant predicts 2020 the comeback year for oil and gas industry in Acadiana

Posted on September 26, 2018 and filed under Louisiana, Oil and Gas.

Graves Advances Bill to Increase Louisiana’s Energy Revenues, Funding for Coastal Restoration

Photo source: Twitter

Photo source: Twitter

WASHINGTON, DC – Congressman Garret Graves (R – South Louisiana) advanced legislation out of the House Committee on Natural Resources today that would increase the share of offshore energy revenues for Gulf Coast states.  Graves’ bill would provide a substantial increase in funding for Louisiana’s coastal restoration and flood protection projects. 

“After working on this for 20 years I can tell you:  what happened today is historic,” said Graves. “Moving this bill is a big deal and has enormous implications for South Louisiana.”  

Graves’ H.R. 6771 amends the Gulf of Mexico Energy Security Act 2006 (GOMESA) to bring Gulf offshore energy revenue sharing in line with levels that onshore energy producing states enjoy – an effort long pursued by Louisiana’s congressional delegation. The bill was considered today in conjunction with the Restore Our Parks and Public Lands Act, which proposed using Gulf offshore energy revenues to address the maintenance backlog of the National Park Service and other agencies across the country.

“Louisiana is battling the largest historical, ongoing and prospective loss of coastal wetlands we’ve ever seen, and it’s a national crisis. Diverting Louisiana’s energy revenues away from efforts to improve the resiliency of the people, communities and ecosystems responsible for generating the resources in the first place is a fundamentally flawed approach to addressing the maintenance backlog in national parks,” said Graves. “Our bill ensures that these increased revenues will be committed to projects that restore the coast, protect our coastal communities from hurricanes and other disaster and, ultimately, reduce our nation’s outrageous disaster response costs.”

For nearly a century federal law has discriminated against coastal energy producing states. While states producing energy onshore federal lands get to retain 50 percent of the energy revenues, coastal states have received a small fraction. H.R. 6771 solves this problem. 

Energy production in the Gulf of Mexico accounts for 18% of total U.S. crude oil production and 4% of total U.S. dry production of natural gas. In 2016 alone, this production generated $2.7 billion in royalty revenue for the U.S. Treasury. Of that amount, only 0.407% ($11 million) was given back to those states through revenue sharing programs.

Click the image below to watch a clip from today’s markup. View the markup in its entirety here.

Posted on September 13, 2018 and filed under Garrett Graves, Louisiana, Oil and Gas.