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  1. Oil and Gas: Study: Idaho natural gas and oil tax rates below many states

      BOISE, Idaho (AP) — Idaho's effective tax rate on natural gas and oil production is less than half the average when compared with eight other producing states, according to a tax-comparison study released Thursday. The study made public at the Idaho Oil and Gas Conservation Commission meeting found Idaho's rate at 4 percent compared with the 9.5 percent average of the eight other states. The only state with a lower rate than Idaho was Oklahoma at 3.2 percent. Wyoming had the highest rate at 13.4 percent. County commissioners and state lawmakers in southwest Idaho where natural gas production is taking place or is likely to occur asked for the $37,000 study carried out by a North Dakota consulting company. The consulting company says it made the comparisons based on severance, production and property taxes. "I think we have a new industry in the state of Idaho, and we have to be careful how we look at the tax rate," said Chris Beck, the commission's chairman. "Do we want to encourage more oil and gas exploration and development in the state of Idaho and how would a change in the tax rate affect that? So I think we need to be careful. Certainly it would indicate that we need maybe increase it, but I think we have to be careful given the maturity of our industry." Idaho has a long history of natural gas and oil exploration , but it has only been in recent years that advanced technology that can map underground formations has given geologists three-dimensional views and narrowed search areas. In southwest Idaho, Texas-based Alta Mesa has eight producing wells. County commissions in Payette County, where production is taking place, and Washington County, where Alta Mesa has signed leases, asked for the study. Natural gas and oil production "can bring in huge amounts of money, so we need to be aware of what's going on in the industry," said Kirk Chandler, chairman of the Washington County commission. "They have some seismic data that shows there's good gas in Washington County." State lawmakers from the region who asked for the comparison study are Sen. Abby Lee, R-Fruitland, and Reps. Judy Boyle, R-Midvale, and Ryan Kirby, R-New Plymouth. Oil and Gas Conservation Commission member Jim Classen said some of the problem he saw with the low effective tax rate was caused by the one-eighth royalty many people with mineral rights agree to or end up with in the integration process, which includes non-willing participants when a majority of mineral interest owners want to take part. Classen, an exploration geologist, said if he had mineral rights in the area he wouldn't agree to a one-eighth interest. He would instead rely on his expertise and take a riskier option provided in state law that can pay more but puts a mineral interest owner's own money at risk. "In a wildcat area, one-eighth royalty is appropriate," he said. "If you're in an area where commercial production has been found in general, you could consider a higher royalty." He noted Alta Mesa appears to have reached commercial production in some areas. "There seems to be a sweet-spot area where they have a high rate of success," he said.

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    Sat, 21 Jan 2017

  2. Oil and Gas News: Genie Energy launches drilling services company in Israel

    Genie Energy Ltd. is establishing Atid Drilling Ltd., an onshore drilling services venture based in Israel. Atid will pursue drilling opportunities for clients in a variety of fields including oil and gas exploration, water resource development and mineral exploration.

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    Fri, 13 Jan 2017

  3. Lebanese offshore licensing logjam loosens

    A political logjam that has kept Lebanon out of promising natural gas development in the Eastern Mediterranean has begun to loosen.

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    Thu, 5 Jan 2017

  4. Standardization could cut costs 30%, says IMCA official

    Offshore oil majors could shave nearly a third off their exploration and development costs by agreeing to industry-wide equipment standards, says an IMCA official.

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    Wed, 28 Dec 2016

  1. BP to team with Kosmos on Mauritania, Senegal offshore blocks

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    Mon, 19 Dec 2016

  2. BLM approves master leasing plan for southeastern Utah

    The US Bureau of Land Management approved its first master leasing plan for Utah, encompassing 785,000 acres of public land managed by its Moab and Monticello field offices. It will guide responsible oil, gas, and mineral development in southeastern Utah while protecting important natural ...

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    Mon, 19 Dec 2016

  3. Pennine appoints Holub as CFO

    Pennine Petroleum has named Michal J. Holub, CA to the position of CFO, effective immediately.  

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    Thu, 15 Dec 2016

  4. MX Oil negotiating terms for offshore Grenada concession

    MX Oil has signed a memorandum of understanding with the government of Grenada concerning exploration and development of hydrocarbons in an area adjoining the maritime boundary with Trinidad and Tobago.

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    Tue, 20 Dec 2016

  5. Total to buy stake in US LNG group Tellurian

    Total SA has agreed to buy 23% of Tellurian Investments Inc. at $5.85/share for $207 million. 

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    Tue, 20 Dec 2016

  6. Beach selects operations executives

    Beach Energy Ltd. has named a chief operating officer and a group executive of exploration and development .

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    Mon, 28 Nov 2016

  7. Victoria introduces legislation to ban gas fracing

    The Victorian government has introduced legislation into parliament to permanently ban hydraulic fracturing for coal seam gas and tight oil and gas resources throughout the state. The government also has moved to extend the moratorium on conventional onshore gas exploration and development until ...

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    Tue, 22 Nov 2016

  8. Victoria government to place permanent ban on fracing

    Victorian Labor Premier Daniel Andrews has announced that his government will introduce a permanent ban on hydraulic fracturing and all exploration and development of unconventional gas throughout the state.

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    Tue, 30 Aug 2016

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