Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

House Rejects Push to Renegotiate Contracts

change text size
In a 207-to-205 vote, the U.S. House on Friday rejected a plan aimed at pushing oil and natural gas companies to renegotiate flawed 1998 and 1999 drilling contracts.

Due to a clerical error at the Interior Department, the drilling agreements have made way for companies such as Royal Dutch Shell and Chevron Corp. that drill for energy in the Gulf of Mexico's deep waters to forgo paying royalties to the federal government.

U.S. lawmakers this year vowed to pass legislation that would address the error and close what Democrats have described as a leasing "loophole."

But, the House on Friday decided against addressing the drilling issue via a pending tax bill.

Key Republicans had argued that although they're supportive of legislation aimed at blocking royalty relief for oil companies, the tax bill wasn't the right vehicle.

Still, the tax legislation includes a plan to open more than 8 million acres in the U.S. Gulf of Mexico oil and gas drilling. And Rep. Edward Markey, D-Mass., had argued that the drilling plan should not be approved without a fix for the contracts that give energy firms relief from paying royalties.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Most Popular Articles
From the Career Center
Jobs that may interest you
Site Safety Lead (Completion & Production)
Expertise: Environmental Safety & Training, HSE Manager / Advisor, Regulatory Compliance
Location: Wyoming, WY
 
Field Environmental Specialist (E&P Company)
Expertise: Environmental Safety & Training, HSE Manager / Advisor, Regulatory Compliance
Location: Colorado, CO
 
Distribution Coordination
Expertise: Logistics Coordinator
Location: Williston, ND
 
search for more jobs