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US President Donald J. Trump signed H.J. Res 44, effectively overturning the US Bureau of Land Management’s Planning 2.0 rule. “[It] took control of land-use decisions away from states and local decision makers and gave it to Washington, and that’s not good,” the president said in a Mar. 27 White House ceremony where he signed three similar bills passed under the Congressional Resolution Act.
Saudi Aramco Pres. and Chief Executive Officer Amin H. Nasser welcomed a Mar. 27 tax cut that he said would bring his company’s tax burden “in line with international benchmarks.” In a move seen as preparation for an initial public offering of 5% of the company as early as next year, the government lowered Aramco’s tax rate to 50% from 85%.
PT Medco Daya Sentosa, a subsidiary of PT Medco Energi Internasional TBK, Jakarta, is acquiring all the remaining shares of Inpex Natuna Ltd., which owns 35% in South Natuna Sea Block B offshore Indonesia.
The light, sweet crude oil contract for May delivery fell on the New York market Mar. 27 to settle below $48/bbl. Before closing, crude oil dipped to a trading session low of $47.08/bbl, which was within 10Â¢ of a low set in November 2016.
Due to a surge in oil hedges, the recent oil-price weakness will not prompt US producers to pull back on drilling, research and consulting firm Wood Mackenzie Ltd. says in its latest analysis of oil and gas hedging activity.