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Hess’ $6 billion US Gulf development will leave the company well positioned to rebound when market conditions improve
The $6 billion Hess-operated Stampede oil and gas development in the Gulf of Mexico is one of just a trickle of greenfield projects keeping operators busy in today’s low oil price environment.
The US independent has identified the tension-leg platform as one of its key investments, positioning the company for a strong rebound when market conditions improve.
From Baton Rouge to Port Fourchon, government leaders and business owners are grappling with the impacts low oil prices are having on our economy and on Louisiana workers and their families. Just as our state is deliberating tough, long-term decisions about budget priorities and government services, the news comes that Louisiana could also be in for an even greater economic hit in the years ahead thanks to the federal government.
According to a study conducted by international research firm Wood Mackenzie for the Louisiana-based Gulf Economic Survival Team (GEST), the extreme cost of implementing a proposed new federal rule governing oil and gas operations in the Gulf of Mexico could force operators out of the Gulf and cause catastrophic economic consequences for Louisiana and the nation.
LMOGA would like to congratulate member companies for receiving Environmental Leadership Awards from the Louisiana Department of Environmental Quality. ExxonMobil in Baton Rouge received a Large Business Acheivement Award in Pollution Prevention and Marathon Petroleum in Garyville received a Recognition Award in Pollution Prevention.
Click here for a full list of awards and projects. See below for DEQ Press Release.
Today, DEQ hosted the Environmental Leadership Awards at the DEQ headquarters in the Galvez building in downtown Baton Rouge. DEQ Secretary Dr. Chuck Brown was joined by Sen. Mike Walsworth, chair, Senate Environmental Quality Committee, and Rep. Stuart Bishop, chair, House Natural Resources and Environment Committee, to recognize environmental achievements. Members of Environmental Leadership Program were commended for their voluntary pollution prevention efforts, community environmental outreach initiatives and environmental management systems that went above and beyond regulatory compliance to improve the environment. ELP Awards were presented to large, medium and small businesses, municipalities, and academia. Fifteen new ELP members, who joined in 2015-2016 were recognized. This year, DEQ presented 11 awards in recognition of the following:
The Louisiana Legislature adjourned 6 p.m. March 9. Unfortunately, most of the heavy lifting began within 15 minutes of the deadline. After the dust was settled, taxes were raised by around $850 million dollars. This encompasses a number of changes in the treatment of LLC’s and NOL’s, reductions in tax credits, changes in the corporate income tax rate, and additional business utilities burden, and additional taxes on the sale of manufacturing, machinery, and equipment, among others.
We were prepared to contribute in a thoughtful way to helping the state dig out of this budget shortfall. Unfortunately, that never happened. Instead, we are now left trying to make sense of how to absorb this blow during the biggest downturn in the oil and gas industry in my lifetime. This could not happen at a worse time.
The signing by a Louisiana parish president of a contract with a law firm with a history of filing environment damage suits is “very disturbing,” according to the president of the state’s oldest industry trade association.
Chris John, president of the Louisiana Mid-Continent Oil and Gas Association, told the Louisiana Record he believes the move signals that St. Bernard Parish is poised to file suit against companies within the industry.