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Steffy: ‘Gulf of Mexico standoff: Exxon, U.S. battle over big find’
Fuel Fix ^ | August 18, 2011 | Loren Steffy

Posted on 08/18/2011 8:53:12 AM PDT by thackney

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Exxon, U.S. Government Duel Over Huge Oil Find
http://online.wsj.com/article/SB10001424053111903596904576514762275032794.html?mod=WSJ_hp_LEFTTopStories

WSJ excerpt:

...

The loss of the leases would be an enormous black eye for Exxon. The company hadn't previously disclosed the size of the discovery in what is called the Julia field until it was mentioned in the suit Exxon filed against the Interior Department last week in federal court in Lake Charles, La.

...

Now the department must decide whether to fight Exxon in court or settle and allow it to develop the oil. Turning the leases over to another company would mean further delays to the tax royalties that would go to government coffers. At current prices, potential royalties paid to the government over the lifetime of a one billion-barrel field would be about $10.95 billion.

1 posted on 08/18/2011 8:53:20 AM PDT by thackney
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To: thackney

this sounds like a GOP campaign talking point if ever I’ve heard one


2 posted on 08/18/2011 8:56:36 AM PDT by Buckeye McFrog
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To: thackney

The article makes the off base assumption that the Obama Administration wants the find developed.


3 posted on 08/18/2011 8:57:59 AM PDT by Ingtar (Together we go broke (from a Pookie18 post))
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To: thackney
You tell ‘em Obozo! Yep...with gas prices nudging $4/gal, what this country needs to fuel an economic recovery is its chief of state throwing a hissy fit because he doesn't like the way leaseholders are managing their assets, yet is stupid enough to dip into the SOR to sell enough oil for two day's worth of sales. You're an idiot, sir.
4 posted on 08/18/2011 8:59:17 AM PDT by econjack (Some people are dumber than soup.)
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To: Ingtar

I am certain they want to re-auction those leases. The dollars it would bring in now after the discovery would be immense.

They can hold up the production permits for a long time, but they want to get the dollars for the lease auction.

They have done the same thing in the National Petroleum Reserve, Alaska for years.


5 posted on 08/18/2011 9:00:50 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

until that Worthless,skinny Commie and his lackeys are Voted out,we will have a HUGE energy problem,which is the base of our economy, NOT TAXES!


6 posted on 08/18/2011 9:06:17 AM PDT by Cheetahcat ( NovemONLY -22??? this carnival side show should be in ber 4 2008 ,A date that will live in Infamy.)
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To: thackney
The author labors under the assumption that the Obama Administration wants to develop the oil leases at all. Could it be that the goal is to drag it out and make the cost so prohibitive that the gulf energy economy and the US is permanently injured?
7 posted on 08/18/2011 9:06:24 AM PDT by Truth29
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To: Buckeye McFrog

“this sounds like a GOP campaign talking point if ever I’ve heard one...”

Heh. I know Loren Steffy. He was my editor back when I was a columnist at THE BATTALION, school paper for Texas A&M..

I think Loren would be amused that he’s writing talking points for the GOP. =)


8 posted on 08/18/2011 9:06:59 AM PDT by Experiment 6-2-6 (Admn Mods: tiny, malicious things that glare and gibber from dark corners.They have pins and dolls..)
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To: Ingtar
The article makes the off base assumption that the Obama Administration wants the find developed.

My first assumption is that in a corrupt administration the opportunity for graft will be irresistible.

9 posted on 08/18/2011 9:07:41 AM PDT by oldbrowser (They're socialists don't call them liberals)
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To: Cheetahcat

The Health of our lifestyle depends on energy.


10 posted on 08/18/2011 9:10:05 AM PDT by Cheetahcat ( This carnival commie side started November 4 2008 ,A date that will live in Infamy.)
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To: thackney

All politics aside. I work with the accounts payables (AP)department of many large corporations.

Little things can cause major disruptions. Back in the late 1990’s a major internet provider like Amazon or e-Bay was suddenly offline. The reason: AP had failed to pay a $50.00 bill to the internet name hosting company. This is something that is probably not billed, i.e. like rent; you are supposed to pay without receving a bill.

I wonder if these leases are managed the same way?


11 posted on 08/18/2011 9:10:47 AM PDT by cicero2k
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To: Ingtar

“it will have to find another company to develop them”. This will either be China or Cuba. Count on it.


12 posted on 08/18/2011 9:12:14 AM PDT by RC2
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To: thackney

Sounds like Obama’s goons are trying to pull a Hugo Chavez. Can nationalization be far behind?


13 posted on 08/18/2011 9:15:33 AM PDT by OB1kNOb (Downgrade Obama in 2012.)
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To: OB1kNOb
"Can nationalization be far behind?"

Exactly, one of his unstated goals was nationalizing all oil and gas reserves in the US.

14 posted on 08/18/2011 9:18:51 AM PDT by 2001convSVT (Going Galt as fast as I can.)
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To: 2001convSVT

All those offshore reserves past the state boundaries are already under federal control. That is why private companies have to lease the access to them from the Federal Government.


15 posted on 08/18/2011 9:37:02 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

*


16 posted on 08/18/2011 9:42:29 AM PDT by PMAS
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To: PMAS

#


17 posted on 08/18/2011 9:44:03 AM PDT by thackney (life is fragile, handle with prayer)
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To: RC2

Oil companies are famous for sitting on big finds for years, even decades. Obama is just now stealing a page out of Sarah Palin’s book going after them.

This issue is about Exon not even submitting a plan on how it intends to recover oil found 3-4 years ago.

Obama knows the only way to get re-elected is with major improvements in the economy, and he knows that ain’t happening under $4 a gallon gas.


18 posted on 08/18/2011 9:45:38 AM PDT by RC51
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To: thackney

I thought you would get a kick out of that


19 posted on 08/18/2011 9:47:18 AM PDT by PMAS
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To: thackney

It sounds like the feds were demanding that EXXON present operational plans for drilling, while the feds were still in the process of re-writing the rules for deep-water drilling.


20 posted on 08/18/2011 9:47:18 AM PDT by Eva
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