A Democratic lawmaker in the U.S. House of Representatives proposed infrastructure legislation on Aug. 31 that would end oil and gas leases in an Alaskan wildlife refuge while charging billions of dollars more in fees and royalties for offshore drilling elsewhere.
The office of House Natural Resources Chairman Raul Grijalva released legislation that repeals the Arctic National Wildlife Refuge (ANWR) oil and gas program. Any leases issued would be canceled and payments returned to lessees within 30 days of enactment.
The committee is slated to debate the measures on Sept. 2. It is one of several panels crafting legislation that would become part of the $3.5 trillion bill aimed at expanding social services, combating climate change and reforming U.S. immigration policies.
The Grijalva measure plans to raise billion of dollars by hiking royalty rates for oil and gas producers in certain offshore areas and putting new fees on owners of offshore oil and gas pipelines.
It places royalties on methane consumed or lost by venting, flaring or leaks at drilling operations on public lands. The legislation prohibits the secretary of the Interior Department from holding oil and gas lease sales in certain areas of the Outer Continental Shelf and the Atlantic and Pacific regions.
Democrats hope to pass wider infrastructure legislation on a party line vote as it is certain to be slammed by Republicans. Moderate Democrats in the House from states dependent on fossil fuel revenues could block some of the measures.
In the Senate, Democrats hope to pass the legislation under so-called reconciliation in which they would need only a simple majority in the 100-member chamber instead of the 60 votes needed to pass most bills.
While Senate Democrats were united in backing the initial framework paving the way for the reconciliation legislation, moderate Senators Joe Manchin and Kyrsten Sinema have protested the overall price tag.
Former President Donald Trump's administration opened up the Arctic National Wildlife Refuge (ANWR) to drilling leases, but President Joe Biden’s administration suspended the nine leases pending an environmental review. The ANWR is coveted by conservationists as one of the last pristine places on the planet.
The agreement with Ørsted could include a large-scale wind energy, electrolysis and synthetic gas-via-methanation co-development in western Wyoming where Williams owns significant land area and natural gas infrastructure.
When Oil and Gas Investor launched 40 years ago during the summer of 1981, it was the first industry publication to focus on the financial aspect of exploring for hydrocarbons versus the technical side. To celebrate those four decades of conversations we’ve had with myriad industry executives, we reached out to a number of them for their thoughts on the industry’s past, present and future.
Rock Creek Resources LLC retained BOK Financial Securities for the sale of certain Wyoming properties covering nearly 14,000 net acres (100% HBP).