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International news for oil and gas professional

US oil and gas producers' federal taxes would climb by nearly $27 billion over 10 years under the Obama administration's budget proposal that was released on Feb. 13.

The US Department of State's Office of Inspector General found no significant irregularities in the preparation of an environmental impact statement for TransCanada Corp.'s proposed Keystone XL crude oil pipeline project, it announced.

TransCanada has moved its expected in-service date for the Keystone XL crude pipeline to early 2015, a 1-year delay from previous statements.

US Sec. of the Interior Ken Salazar told the US House Natural Resources Committee that regulations covering hydraulic fracturing on federal lands are necessary, and will be developed after full consultations with state and Indian tribal governments.

Development of the necessary data to reach informed regulatory decisions is the next critical unconventional production issue to be addressed, panelists said in a Feb. 14 forum co-sponsored by General Electric Co. and the Center for Strategic and International Studies.

Proposed US Environmental Protection Agency regulations directed at refiners could put several US refiners out of business and place others at a significant disadvantage to overseas petroleum product manufacturers, American Petroleum Institute officials warned.

Soon after a spate of stories about annual energy forecasts appeared, a reader e-mailed OGJ with a simple question: With all this optimism about production growth from shales and deep water, when will the world run out of oil?

Enactment of new federal pipeline safety legislation was a good start, but state pipeline regulators will need to address ongoing challenges to keep systems efficient and economic as well, officials attending the National Association of Regulatory Utility Commissioners were told during its 2012 winter meeting.

Oil and natural gas shale plays are likely to drive 2012 merger and acquisition activity with the midstream and field service sectors likely to experience a growing share of oil and gas M&A, said two separate reports from consultants analyzing last year's activity.

Chesapeake Energy Corp. recently received industry inquiries about a complete exit from the Permian basin, the company said Feb. 13, acknowledging that it might consider selling all its Permian basin assets if it were to receive a compelling offer.

The government of the Republic of Cyprus plans to protest any exploratory drilling for oil and gas in the Turkish-occupied northern part of the politically divided island.

The European Union has formally appealed to India, an important buyer of Iranian crude oil, for help in resisting the Islamic Republic's nuclear program as early adjustments reported by the International Energy Agency indicate the market will remain amply supplied despite toughened sanctions.