EPA Denies AFPM Biofuel Petition
U.S. environmental regulators have denied a request from oil refiners to waive some of their advanced biofuels use requirements from 2016, in what is likely to be one of the Obama Administration's final decisions on the controversial program. The denial, published on Environmental Protection Agency's website on Wednesday, comes just days before President…
US EPA Set to Deny Refiner Requests to Change Biofuels Program
The U.S. Environmental Protection Agency (EPA) said on Thursday it plans to deny several petitions from oil groups to start the process towards making a change to the country's biofuels program. EPA said it did not believe it should initiate a full rulemaking, as requested by multiple firms, to change the so-called "point of obligation" of the Renewable Fuel Standard (RFS).
France to Tighten Anti-Corruption Laws
France is tightening its anti-corruption laws to clean up its image after several French companies were slapped with huge fines abroad, with planned reforms including greater protection for whistleblowers and a new anti-corruption agency. Two years ago, France's biggest bank, BNP Paribas, was fined $9 billion by U.S. authorities over violations of sanctions against Sudan, Cuba and Iran.
Valero Energy Sues US EPA over Biofuels Plan
Valero Energy Corp filed lawsuits against the U.S. Environmental Protection Agency on Friday to push the regulator to alter a U.S. policy designed to boost use of renewables in transportation fuels. The country's top refiner and No. 3 ethanol producer filed a challenge with the U.S. Court of Appeals in Washington to review the EPA's latest Renewable Fuel Standard plans for 2014-2016.
Groups Kick Off legal Challenge to U.S. Biofuels Standard
Seven biofuel and agriculture groups have asked a U.S. court to a review the U.S. Renewable Fuel Standards for 2014, 2015, and 2016, according to a court filing on Friday, kicking off a widely-expected legal battle over the controversial program. Groups representing biofuels manufacturers and corn and sorghum farmers intend to challenge the Environmental…
Egypt to Buy 55 LNG Liftings
Egypt's state gas board EGAS said on Monday it is to buy 55 cargoes of liquefied natural gas (LNG), 10 more than originally planned, via a tender it has awarded to seven companies which will deliver the fuel from the start of November. "Head of EGAS Khaled Abdel Badie said that bids from seven companies had been accepted out of a total of 12 for the shipping of 55 cargoes starting this November and through December 2016…
Fracking Stakeholders Win Key Legal Round
A federal judge in Wyoming granted a preliminary injunction on Wednesday against new regulations for hydraulic fracturing on public lands, handing a victory to oil and gas producers who had vehemently opposed the rules. U.S. District Judge Scott Skavdahl had put the regulations on hold in June as he weighed a request from energy industry groups and four states…
Big Oil, Corn Blitz EPA on Biofuels Plan
U.S. farmers, biofuel makers, and oil companies have mounted last-ditch efforts to push regulators to overhaul a controversial plan for biofuel use, homing in on the price Americans pay for gasoline mixed with such fuels as ethanol. In thousands of filings ahead of a midnight deadline for comment on the plan, industry groups and companies like Archer Daniels…
US Fracking Rules to Face Early Legal Test
Energy industry groups and states that oppose new U.S. rules for hydraulic fracturing on public lands are headed to court this month to try to block the regulations a day before they are to take effect. Foes of the regulations will go before a federal judge on June 23 to seek a preliminary injunction. The Interior Department rules, slated to take effect on June 24…
Oil Groups Ask Court to Temporarily Block US Fracking Rules
Two oil and gas groups have asked a federal court to block the implementation new U.S. rules for hydraulic fracturing on public lands until their lawsuit challenging the regulations is resolved. The Independent Petroleum Association Of America (IPAA) and the Western Energy Alliance filed a motion on Friday for a preliminary injunction to prevent the Interior Department's Bureau of Land Management from enforcing the regulations…
Oil Companies' Profits Hit by Quest for Crude Price Exposure
The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices - it also reflects strategic choices. A Reuters examination of corporate filings by some of the biggest players in the industry, including BP, Shell and France's Total, shows the sensitivity of these companies' earnings to changes in oil prices has risen in recent years.
EPA Fixes targets with Oil Groups
Oil refiners who have complained that federal regulators missed deadlines to issue rules on blending renewable fuels into the nation's supply of gasoline and diesel fuel are set to get long-awaited targets from the U.S. Environmental Protection Agency. Under a deal the EPA announced on Friday with two oil industry groups who had sued it over persistent past delays, the EPA said it will propose draft biofuel use targets for 2015 by June 1.
Oil Majors Fail to Replace Falling Output
Oil groups produced much more than they found last year; Oil and gas output fell in 2014, echoes trend over past decade. Big oil companies had a poor record of finding and producing oil and gas last year, according to figures out in the past week - and big cuts in spending in response to falling crude prices could undermine their plans to turn that around.
Schlumberger Buying $1.7 bln Stake in Russian Driller
U.S. group to buy 45.65 pct stake in Eurasia Drilling; offers $22 a share; Eurasia shares up 68 pct. Oil services giant Schlumberger plans to buy a 45.65 percent stake in Eurasia Drilling for about $1.7 billion, potentially paving the way for it to become the sole owner of Russia's most active oilfield services company. The deal offers the prospect of financial…
Offshore Drilling Market Dip May Prolong
The global offshore drilling market's dip could be longer than previously expected and charter rates could take until 2017 or 2018 to recover to last year's levels, the head of Maersk Drilling said on Thursday. Oil groups continue to delay projects to save cash and rig rates will fall further just as a slew of new vessels ordered during the boom years start to hit the water…
Maersk: Rigs Dip Could Extend to 2018
The global offshore drilling market's dip could be longer than previously expected and charter rates could take until 2017 or 2018 to recover to last year's levels, the head of Maersk Drilling said on Thursday. Oil groups continue to delay projects to save cash and rig rates will fall further just as a slew of new vessels ordered during the boom years start to hit the water…
US EPA Cuts Target for Cellulosic Biofuel
The U.S. Environmental Protection Agency (EPA) on Tuesday slashed its target for 2013 use of cellulosic biofuel to less than a million gallons, after the industry failed to meet goals for production of the fuel last year. The agency lowered the mandate to 810,185 gallons in a new rule, well below the 6 million gallons it had required in the plan it finalized last August.
