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  1. Oil and Gas: House bill would change Alaska oil tax credit system

      JUNEAU, Alaska (AP) — Democratic House majority members on Wednesday proposed changes to an Alaska tax credit program that financially rewards oil exploration and production but is seen by critics as too pricey amid a multibillion-dollar state deficit. The bill was introduced on behalf of the House Resources Committee by co-chairs Geran Tarr and Andy Josephson, both Anchorage Democrats, over the objection of minority Republicans who didn't want their names associated with the proposal. The measure would, among other things, raise the minimum oil production tax and eliminate cash payments for future credits earned by small producers and explorers. State Tax Division Director Ken Alper said the bill appears to apply to credits awarded in 2018 and beyond and that current credits would remain cashable. Tarr told reporters the state has an overly generous system of credits and sees the bill as a starting point for discussions. Alaska Oil and Gas Association President Kara Moriarty said she doesn't think the public recognizes the magnitude of the changes made last year and said provisions in the new bill will negatively affect the industry. Gov. Bill Walker recently said he doesn't see how the state can have a complete fiscal plan without addressing oil taxes and credits. The state faces an estimated potential credit obligation of about $1 billion, including credits expected to be earned in the coming year and those deferred due to limited funding. Walker has used his veto authority the last two years to limit funding for credits, citing concerns with cost and the lack of a plan to tackle the deficit, which has been exacerbated by low oil prices. Senate Resources Committee chairwoman Cathy Giessel, an Anchorage Republican, has said that lawmakers have made strides in reducing credits but that Walker's vetoes had complicated matters by compounding costs. The last decade has been marked by fights over oil taxes in Alaska and a struggle to find a balance between establishing a system that will entice companies to the North Slope and ensuring Alaskans receive a fair share for what's developed. Credits have been seen as a way for the state to share in front-end costs in the hopes of reaping benefits once oil flows. The 2014 collapse in oil prices prompted another re-examination of the system.

    Online Articles

    Online Articles

    Fri, 10 Feb 2017

  2. Oil and Gas: ConocoPhillips narrows loss as it cuts costs

    Cost cuts and rising oil prices helped narrow losses at ConocoPhillips in the fourth quarter, sending shares higher in early trading.

    Online Articles

    Online Articles

    Fri, 3 Feb 2017

  3. Ophir to drill deepwater target offshore Côte d’Ivoire

    Ophir Energy is preparing to re-start deepwater oil exploration offshore Côte d’Ivoire.

    Online Articles

    Online Articles

    Thu, 12 Jan 2017

  4. Eni successfully restarts oil exploration activities in Tunisia

    Eni has successfully resumed oil exploration activities onshore Tunisia in the Sahara desert, approximately 700 kilometers south of Tunis.

    Online Articles

    Online Articles

    Mon, 19 Sep 2016

  1. Barryroe oil field exploration area extended offshore southern Ireland

    Online Articles

    Online Articles

    Tue, 18 Feb 2014

  2. Oil and Gas: Study underway to examine effects of oil exploration on deer

    A years-long study is underway to examine the effects of oil and gas exploration on mule deer in part of northern New Mexico.

    Online Articles

    Online Articles

    Thu, 29 Dec 2016

  3. Energean opts for FPSO scheme for Karish, Tanin fields off Israel

    Energean Oil & Gas SA, Athens, has followed its August 2016 commitment to develop deepwater Karish and Tanin natural gas and condensate fields offshore Israel. It announced a development plan using a floating production, storage, and offloading vessel.

    Online Articles

    Online Articles

    Fri, 13 Jan 2017

  4. Oil and Gas: Chevron swings to 4Q profit on revenue boost, cost cuts

    Chevron Corp. swung to a fourth-quarter profit on a higher revenue and lower costs, but still fell short of Wall Street expectations.

    Online Articles

    Online Articles

    Sat, 28 Jan 2017

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

    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.

    Online Articles

    Online Articles

    Sat, 21 Jan 2017

  6. Oil prices hit highest point this year

    US crude oil prices continued their upward trend on April 27, breaking above $45/bbl for the first time since November, according to a report in the Wall Street Journal.

    Online Articles

    Online Articles

    Wed, 27 Apr 2016

  7. Oil and Gas: Brazil to increase oil exploration by private companies

    Brazil's congress has approved a measure to give private companies a larger role in exploring one of the world's largest oil and gas reserves.

    Online Articles

    Online Articles

    Sat, 12 Nov 2016

  8. Uganda lists 16 firms eligible to bid for oil exploration

    The Uganda government listed 16 international firms that are authorized to bid for oil exploration rights to six blocks of land near Uganda's border with Congo.

    Online Articles

    Online Articles

    Tue, 11 Aug 2015

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