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White House: Obama won't sign bill approving Keystone XL

The White House signaled that US President Barack Obama will not sign a bill approving construction of the Keystone XL crude oil pipeline if one reaches his desk at presstime last week.

Take that, Canada!

Mexican President Enrique Pena Nieto needs a warning about how the US treats friends nowadays. On the day of his chummy, Dec. 6, 2014, meeting with President Barack Obama in Washington, DC, the White House promised Obama would veto legislation approving the Keystone XL pipeline border crossing.

That was then...

Thirty-three years ago, nearly to the day, this editor walked into the Houston offices of Oil & Gas Journal to take a job no one had ever held before...nor would hold again.

API includes other sources in broader State of American Energy report

The American Petroleum Institute broadened its fifth annual State of American Energy report as it included solar, nuclear, hydropower, wind, coal, geothermal, biomass, and energy efficiency as well as oil and gas.

US House set to vote on bill to approve Keystone XL project

The US House of Representatives majority has scheduled a Jan. 9 vote on a bill to approve the Keystone XL crude oil pipeline project as OGJ went to press last week.

China to subsidize Iranian refinery revamp

Iran is in the process of securing a credit line from China that would finance the rehabilitation and modernization of Iran’s 400,000-b/d Abadan refinery, the country’s oldest and largest crude oil processing complex.

Nebraska Supreme Court vacates lower court’s Keystone XL ruling

Nebraska’s Supreme Court vacated a lower court’s decision that legislation transferring authority to determine the proposed Keystone XL crude oil pipeline’s route across the state to the governor from the Public Service Commission was unconstitutional.

 

Georgia invites bids for country’s first refinery

The government of Georgia is seeking investors to develop on a build, operate, and transfer basis what would be the country’s first refinery.

Barclays sees likely downside to North American E&P budgets

Global exploration and production spending is expected to decline at least 8.8% in 2015 vs. 2014, according to 225 companies surveyed in the Barclays E&P Spending Outlook. North American budgets, meanwhile, are expected to fall at least 14.1% with significant downside potential, Barclays said.

Fitch: Regs limit demand response to price

Regulations meant to trim the use of oil products in the US will distort fuel-market adjustments to falling oil prices by putting the burden on supply, warns Fitch Ratings, New York.

MARKET WATCH: NYMEX crude oil market steadies for now

Crude oil futures prices for February delivery climbed modestly on the New York market in Jan. 8 trading, and crude oil prices are in contango, meaning the front-month contract costs less than the next month’s contract.

Pompeo reintroduces gas pipeline permitting reform bill

US Rep. Mike Pompeo (R-Kan.) reintroduced legislation he offered in 2014 to help improve federal processing of applications to construct natural gas pipelines. The bill, HR 161, aims to overcome delays when other federal agencies fail to move quickly during the US Federal Energy Regulatory Commission’s review process.

Murkowski Keystone XL bill clears committee, heads for Senate floor

The Senate Energy and Natural Resources Committee marked up and approved Chair Lisa Murkowski’s bill approving construction of the Keystone XL pipeline. The 13-9 vote sends the measure to the full Senate, which is expected to debate and vote on it next week.

Scotland seeks faster UK fiscal reform

Scotland, citing the plunge in oil prices, has called on the UK government to accelerate fiscal reforms aimed at encouraging investment in offshore oil and gas.

Sharp drop expected in global E&P spending in 2015, study says

Global capital expenditures for oil and gas exploration and production projects are expected to drop 17% to $571 billion in 2015, according to Cowen and Co.’s annual study of 476 oil and gas companies’ E&P capex budgets. The study assumes an average West Texas Intermediate price of $70/bbl.

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