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Democrats split with Biden and push for quick offshore leasing program approval

2022-05-10T13:25:21+00:00

A group of congressional Democrats is lobbying the Biden administration to overcome delays and approve a new program for offshore oil and gas leasing as Washington's ruling party faces pressure to reduce record fuel prices ahead of November's midterm elections. The lawmakers are asking the administration to publish quickly the next five-year offshore leasing plan, which is required by law and lays out the sales the government is to hold in a given year, as the current one will expire next month with no successor in place. BIDEN'S ENERGY POLICIES MIFF INTEREST GROUPS OF ALL KINDS The Outer Continental Shelf Lands Act directs the Interior Department's Bureau of Ocean Energy Management to develop a program laying out scheduled sales covering five-year periods. The current five-year program, which covers 2017-2022, ends in June. The Biden administration has not published a draft program, and the Congressional Research Service said in an offshore program update published last month that the administration is too far behind [...]

Democrats split with Biden and push for quick offshore leasing program approval2022-05-10T13:25:21+00:00

HNRC OUTLINES SPAC STRATEGY AND DIVIDEND POLICY

2022-04-22T15:00:16+00:00

HOUSTON, April 21, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") outlined today its strategy to invest and sponsor Special Purpose Acquisition Corporations ("SPACs") in 2022. The company intends to sponsor one SPAC investment in each quarter of 2022. The company sponsored a successful $86 million NYSE listing of an energy focused SPAC during the first quarter of 2022. The company is currently focused on a second energy focused SPAC to be listed by the end of the second quarter. HNRC is currently evaluating six other SPAC opportunities for listing in the third and fourth quarter of 2022. This strategy will result in a dividend to its shareholders, after the lock up period has expired, on each of the SPAC investments. This would provide quarterly dividends through the end of 2023. The company expects to realize at least $3m on each of its SPAC investments to be added to its existing earnings in 2022 and 2023. This [...]

HNRC OUTLINES SPAC STRATEGY AND DIVIDEND POLICY2022-04-22T15:00:16+00:00

Houston Is the 3rd Fastest Growing Tech Ecosystem in the Country

2022-04-22T14:59:43+00:00

Six mega deals emerged from Houston in 2021, exceeding $100 million, three of which exceeded $300 million. HOUSTONIANS, NOW IS THE TIME TO START that dream company you’ve always wanted. The city’s startup world is seeing an unprecedented amount of growth, making Houston the third fastest growing tech ecosystem in the country. According to an analysis from entrepreneurship hub, Houston Exponential, 2021 saw a high concentration of early-stage startups, which accounted for 151 venture capital deals under $5 million. About 64% of those deals were less than $1 million. As for the mega-deals, also known as “unicorns” in the tech world, there were six startup deals worth over $100 million, three of which were over $3 million. The companies; Solugen, HighRadius, Vyripharm Biopharmaceuticals, Lancium, Axiom Space, and Cart.com, as a whole, raised $1.3 billion in 2021. Healthcare and information technology currently account for 30 percent of the overall deals and remain a key focus for startups coming out of the city. [...]

Houston Is the 3rd Fastest Growing Tech Ecosystem in the Country2022-04-22T14:59:43+00:00

Biden faces legal fight over delayed offshore leasing plan

2022-04-22T14:59:08+00:00

For the first time in more than four decades, the Interior Department will soon be without a five-year plan for offshore oil and gas lease development — opening the door to novel legal challenges against the Biden administration. The delay has prompted litigation from the fossil fuel industry to force Interior to release a new five-year plan, even as the international scientific community urged U.S. and world leaders to quickly halt all new fossil fuel development — including offshore leasing — to limit catastrophic warming of the planet. The challenges present a new legal test of the degree of discretion Congress gave to the Bureau of Ocean Energy Management to decide when or if it plans to auction new offshore leases. BOEM’s current offshore leasing program runs through the end of June. Since January 2021, BOEM hasn’t “engaged in the statutory or regulatory steps required to develop a new leasing program,” the American Petroleum Institute [...]

Biden faces legal fight over delayed offshore leasing plan2022-04-22T14:59:08+00:00

Murphy Hits Oil Ahead of Schedule in Gulf of Mexico Project

2022-04-14T16:05:30+00:00

Murphy Oil Corp. has begun producing oil from a new deepwater Gulf of Mexico project, months ahead of schedule. The offshore and shale oil producer on Tuesday said its King’s Quay floating production platform started generating oil from the first two wells in the Khaleesi, Mormont and Samurai fields off the coast of Louisiana. The company is working to complete the remaining five wells in the project. When fully operational, the project -- scheduled for completion by the end of this year -- is forecast to produce as much as 85,000 barrels of oil per day and 100 million cubic feet per day of natural gas, a company release said. Murphy Oil was expected to reach first oil by the first half of this year, according to Leo Mariani, an analyst at KeyBanc Capital Markets Inc. King’s Quay is the latest in a wave of new Gulf of Mexico production platforms slated to start pumping in the coming [...]

Murphy Hits Oil Ahead of Schedule in Gulf of Mexico Project2022-04-14T16:05:30+00:00

Mexico’s president is reversing energy reforms, hurting his country’s oil production – and the U.S.

2022-04-14T16:03:18+00:00

President Andrés Manuel López Obrador is using administrative measures to undermine the free-market reforms enacted in 2013. As a result, Mexican oil production is now more than 1 million barrels short of where the U.S. Energy Information Administration projected it would be if the reforms were fully implemented. Mexico's president survived a recall election on Sunday, meaning Andrés Manuel López Obrador will get another two-and-a-half years to continue reversing reforms that opened up the country's oil and gas sector to foreign investment. By renationalizing the oil industry, he's also hampered U.S. efforts to compensate for the effects of Russia's war in Ukraine on world oil markets. Right now, Mexico produces up to 1.7 million barrels of oil a day. But according to the U.S. Energy Information Administration, the country could have produced as much as 2.9 million barrels a day if its energy reforms had been fully implemented. "I think that amount, when we take into [...]

Mexico’s president is reversing energy reforms, hurting his country’s oil production – and the U.S.2022-04-14T16:03:18+00:00

Texas Law Allows Legal Fee Award to Manager in Trade Secrets Row

2022-04-13T21:51:29+00:00

A Texas company that offers clean-up and construction services in the wake of disasters must pay the legal expenses of a former managing member after it sued him alleging theft of trade secrets, an appeals court in the state ruled. Restoration Specialists LLC alleged that Mark DeMattia breached his fiduciary duties and stole trade secrets shortly before the company’s 2018 sale to WyoTexGa LLC. DeMattia argues that corporate regulations and the Texas Business Organizations Code require the company to pay his legal fees, independent of his right to indemnification or allegations of wrongdoing. The Texas Court of Appeals, Fifth District agreed with DeMattia in an opinion issued Tuesday. Restoration alleges that DeMattia wrongfully copied or deleted the company’s project history files in the days before the sale closed. The company provides emergency services and construction to properties damaged by storms, floods, and fires. Restoration contends that as a limited liability company, its corporate documents don’t [...]

Texas Law Allows Legal Fee Award to Manager in Trade Secrets Row2022-04-13T21:51:29+00:00

California Court Rules Race-Based Criteria for Board of Directors Unconstitutional

2022-04-11T16:10:56+00:00

On April 1, 2022, an LA County Superior Court issued a summary judgment order finding that provisions of the California Corporations Code requiring publicly listed corporations headquartered in California to have board members from “underrepresented communities,” violates the Equal Protection Clause of the California Constitution. The court concluded that mandating diversity in this manner was not consistent with the constitutional requirement that race-based criteria for board selection be narrowly tailored to serve a compelling government interest.

California Court Rules Race-Based Criteria for Board of Directors Unconstitutional2022-04-11T16:10:56+00:00

Russia-Ukraine Conflict: Possible Impact On Upstream Activities In Africa

2022-04-04T17:42:17+00:00

Summary As of early 2022, four Russian oil companies were present in different onshore and offshore locations in several African markets. Overall, Russian players tend to act as operators in North Africa (Libya, Algeria, Tunisia), while they mainly act as partners in Sub-Saharan Africa (Ghana, Nigeria, Cameroon, Congo and Mozambique). As of early 2022, the Gulf of Guinea appears to be the most sensitive sub-region of Africa, should the Russia-Ukraine conflict draw out too long. As of early 2022, four Russian oil companies were present in different onshore and offshore locations in several African markets. Overall, Russian players tend to act as operators in North Africa (Libya, Algeria, Tunisia), while they mainly act as partners in Sub-Saharan Africa (Ghana, Nigeria, Cameroon, Congo and Mozambique). Exceptions include Lukoil's (OTCPK:LUKOY) operatorship in Equatorial Guinea and Congo. Lukoil seems to be the most active Russian oil company in the Gulf of Guinea sub-region, even if it does not operate [...]

Russia-Ukraine Conflict: Possible Impact On Upstream Activities In Africa2022-04-04T17:42:17+00:00

Summary Of Recent Russia-Related Sanctions

2022-03-03T15:25:35+00:00

FEBRUARY 21, 2022 SANCTIONS On February 21, 2022 the Biden Administration issued an Executive Order (EO) relating to Donetsk and Luhansk People’s Republics (DNR and LNR) as “independent” states.  To read the order follow this link: Executive Order on Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to Continued Russian Efforts to Undermine the Sovereignty and Territorial Integrity of Ukraine | The White House The February 21 EO prohibits: New investment in the DNR or LNR regions of Ukraine by a United States person, wherever located; The importation into the United States, directly or indirectly, of any goods, services, or technology from the so-called DNR or LNR regions of Ukraine; The exportation, re-exportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of any goods, services, or technology to the DNR or LNR regions; And any approval, financing, facilitation, or guarantee by a [...]

Summary Of Recent Russia-Related Sanctions2022-03-03T15:25:35+00:00
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