Le Lézard
Classified in: Oil industry
Subjects: EXE, AVO

API: BLM proposal offers opportunity to fix Venting and Flaring rule



WASHINGTON, Oct. 4, 2017 /PRNewswire-USNewswire/ -- API welcomed the Department of the Interior's (DOI) proposal today to delay certain requirements of the Bureau of Land Management's (BLM) venting and flaring rule while the agency reviews its cost-benefit analysis and makes revisions to the 2016 rule.

American Petroleum Institute Logo

"Natural gas and oil operators across the country share the Interior Department's objectives of conserving resources and preventing waste," said API Upstream and Industry Operations Group Director Erik Milito. "While the BLM's authority in this area is limited, we are taking action through innovation and technology advancements in our operations to successfully capture and reduce methane emissions, the main component of natural gas.

"We welcome BLM's efforts to get this right and encourage the agency to develop an achievable rule in the months ahead that serves to prevent waste and conserve resources while encouraging energy production on federal lands."

America's natural gas and oil producers have reduced methane emissions from natural gas systems by 16.3 percent in spite of significant increases ? 51 percent between 1990 and 2015 ? in the production of natural gas. Analysis by Environmental Resources Management estimates the added cost of complying with the current BLM rule could result in permanently closing as many as 40 percent of federal wells that flare because they would be uneconomical to produce. Those closures could reduce the availability of affordable domestic energy to American consumers and electric power companies ? a sector whose carbon emissions are near 30-year lows due to the increasing use of natural gas in U.S. power generation.

BLM's estimates of federal royalties gained as a result of its 2016 rule were projected at $3-10 million per year, which API believes significantly understates the rule's potential to impede federal oil and natural gas production and accordingly reduce federal royalties. API estimated that even a one percent loss of royalties could result in lost federal revenues of over $14 million.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 40 million Americans.

 

SOURCE American Petroleum Institute


These press releases may also interest you

at 15:46
VALLEY FORGE, Pa., Oct. 18, 2017 /PRNewswire/ -- The PJM Interconnection Board authorized $1 billion in various electric transmission projects to ensure efficient and reliable power supplies for the 65 million customers PJM serves. The projects...

at 15:36
NEW YORK, Oct. 18, 2017 /PRNewswire-USNewswire/ -- Today is National Bioenergy Energy Day, which highlights the use of organic materials to generate energy. Coinciding with it, the non-profit Energy Vision announced awards to three innovative...

at 15:28
LONDON, Oct. 18, 2017 /PRNewswire/ -- Gasoline demand is likely to be driven by emerging markets while developed economies move toward fuel efficient / electric vehicles Download the full report: https://www.reportbuyer.com/product/5149311With the...

at 14:50
DALLAS, Oct. 18, 2017 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE) will host a conference call on Wednesday, November 8, 2017 at 8:30 a.m. ET to discuss the Company's third quarter 2017 financial results. ...

at 14:12
NEW YORK, Oct. 18, 2017 /PRNewswire/ -- E-J Electric Installation Co. (E-J Electric) is happy to announce it's completed the installation of LED lighting and power systems to the newly constructed New Rockaway Boardwalk in Queens, NY which was...

at 14:12
CHALK RIVER, Ontario, Oct. 18, 2017 /CNW/ - Canadian Nuclear Laboratories (CNL), Canada's premier nuclear science and technology organization, announced today that it has released a summary report to its Request for Expressions of Interest (RFEOI) on...




News published on 4 october 2017 at 15:16 and distributed by: