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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.0693 sec (14 req/sec)