Oil and Gas News
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The US Office of Natural Resources Revenue has postponed the Jan. 1 effective date for its new final rule covering oil and gas as well as coal valuation on public and Indian tribal land after several petitioners legally challenged it in US District Court for Wyoming on Dec. 29, 2016, the agency announced.
PJSC Gazprom Neft earned 200.1 billion rubles in net profits in 2016—a 82.5% increase over 2015. Oil-equivalent production increased 8.2% to 86.2 million tonnes. Factors attributing to this boost in earnings include production increases at Novoportovskoye and Prirazlomnoye fields and the commissioning of the East Messoyakhskoye field in September 2016.
Rosneft reported a decline net income in 2016 to 181 billion rubles compared with 355 billion rubles in 2015. Fourth-quarter net income of 52 billion rubles, however, doubled third-quarter net income of 26 billion.
A multistate working group convened by two western governors urged the Trump administration and the 115th Congress to make carbon dioxide pipelines a priority within a more-ambitious US infrastructure agenda.
Four national oil and gas associations have formed a pipeline steel team in response to US President Donald J. Trump’s Jan. 24 Executive Memorandum specifying that US-manufactured materials will be used in all new construction as well as repairs, retrofits, and expansions to the maximum extent possible.