"June 16 (Reuters) - Oil giant BP BP.L BP.N said it would cut four quarters of dividends, significantly reduce its investment program and sell $10 billion of assets to fund a planned $20 billion fund to pay for its Gulf of Mexico oil spill.
The commitments, outlined in a statement on Wednesday, are harsher penalties than most investors had expected and follow BP chairman Carl-Henric Svanberg's meeting with President Obama on Wednesday." More>>>>
The mission of Drilling
Bob Gallagher of the New Mexico Oil and Gas Association noted that the state's landowner protection law, which just went into effect July 1, was borne out of cooperation between landowners and energy companies. The result was a balanced, fair bill that protected both sides, he said.
"It does not delay or deny access to mineral resources," Gallagher said.
Gallagher implied that the federal legislation, by contrast, is too one-sided. "It is not a good start. It is not a good finish. It was not written by someone in the field doing the work," he said.
Aside from the split-estate provisions, H.R. 2337 would amend sections of the 2005 Energy Policy Act that accelerated oil and gas drilling on public lands, severely limit the Interior Department's royalty-in-kind program and establish a fee on nonproducing leases. The measure also aims to bolster carbon sequestration studies and require new studies for wind power siting, and it would establish an intra-agency panel to address the effect of warming on federal lands, oceans and federal water infrastructure (E&E Daily, July 16).
Gable is an independent energy and environmental writer in Woodland Park, Colo
The House of Representatives will vote next week. Congressman Udall: Phone 202-225-6190 or 505-984-8950
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