Bush Admin. Urges Oil Lease Renegotiation

Thursday, June 15, 2006
Bloomberg has reported that the Bush administration wants Marathon Oil Corp., Kerr-McGee Corp. and 54 other oil and gas producers to renegotiate Gulf of Mexico drilling leases that let them avoid paying as much as $10 billion in government fees. The Interior Department may ask the companies to voluntarily rewrite contracts from 1998 and 1999 to add a provision for royalty payments when oil and gas prices are high, said Johnnie Burton, head of the department's Minerals Management Service. Price thresholds for relief from royalty fees were accidentally omitted in those years and were included in 1996, 1997 and 2000. The U.S. House of Representatives last month approved a measure that would bar companies from any new U.S. leases until they agreed to fix the contracts from 1998 and 1999. The American Petroleum Institute, representing oil companies, said earlier this week that the leases are valid contracts that cannot be revisited. The bill still has to pass the Senate. Source: Bloombergg
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Petronas to Deliver LNG from FLNG in Q1 2016

The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior

UN: EU Should Do More in Med Migrant Crisis

UN refugee agency calls for intra-European solidarity. The U.N. refugee agency on Tuesday urged European leaders to do more to help Greece and Italy cope with

U.S. Ports Account for 26% of Nation’s Economy

From 2007 to 2014, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 43 percent to $4.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2689 sec (4 req/sec)