Exxon Mobil’s frontier exploration efforts have led to the discovery of what could amount to 8 trillion cubic feet (Tcf) of gas offshore Cyprus in the Eastern Mediterranean Sea. The company announced the gas discovery this week saying the Glaucus-1 well hit a gas-bearing reservoir of about 133 meters (436 ft). Velda Addison goes into greater detail in the article linked below.
Apache reported a better-than-expected quarterly profit. The U.S. oil and gas producer benefited from a rise in production from its shale assets in the Permian Basin. Revenue rose 11% to $1.77 billion.
The House of Representatives passed a public lands bill. The Senate did so earlier this month. That bill permanently reauthorizes a fund that has funneled billions of dollars into land conservation, paid for by revenues from offshore oil and gas drilling. The bill passed 363-62, representing a rare moment of bipartisan agreement in Congress. The Senate voted 92-8 earlier this month on the bill, and President Trump is expected to sign it. U.S. Senator Lisa Murkowski of Alaska and chairman of the senate energy and natural resources committee tweeted in part “I’m proud both chambers showed strong support of our Lands Package 2019. It took us years of bipartisan work to reach this point and I am hopeful the President will sign it into law soon.”
The Colorado oil and gas industry is on the state’s endangered list, fighting a running battle with activists intent on stopping fracking. Now the industry faces renewed legislative challenges.
The Trump administration's plans to expand offshore drilling are on hold after a March court ruling blocked drilling in the Arctic and Atlantic, Interior Secretary David Bernhardt says.
The new policy focuses on incentivizing increased investment and production.